Can gold continue to rise by 2000?
Updated
https://www.tradingview.com/x/lPe2eLgw/
Gold fell to around 1971 in the short term after the release of stronger-than-expected GDP and durable goods data in the United States.
Today's highest reached 1993, and it also fell sharply by 21 US dollars from the high.
Gold is now firmly above 1980, and it seems to have once again chosen to continue a wide range of consolidation.
In fact, we can easily find from the hourly chart that gold is currently in an upward flag pattern, with lows rising step by step and highs getting higher and higher.
Therefore, gold will definitely continue to rise here, and the current high of 1997 will most likely be exceeded.
We can find the pattern from the low point, 1953-1963-1973, which is the pattern of the current low point.
Every time it hits the lower support, the upward range of the decline is around $30.
The first time was in 1953, and then the highest was around 1985, which was almost 30 US dollars.
The second time was 1963, and today’s high was in 1993, which was also $30.
So today's low is 1971+30, and the high may appear near 2001.
Therefore, for the next transaction, I suggest that you can go long between 1980 and 1975, with a stop loss below 1970, and the upper target is 2000-2010.
Gold fell to around 1971 in the short term after the release of stronger-than-expected GDP and durable goods data in the United States.
Today's highest reached 1993, and it also fell sharply by 21 US dollars from the high.
Gold is now firmly above 1980, and it seems to have once again chosen to continue a wide range of consolidation.
In fact, we can easily find from the hourly chart that gold is currently in an upward flag pattern, with lows rising step by step and highs getting higher and higher.
Therefore, gold will definitely continue to rise here, and the current high of 1997 will most likely be exceeded.
We can find the pattern from the low point, 1953-1963-1973, which is the pattern of the current low point.
Every time it hits the lower support, the upward range of the decline is around $30.
The first time was in 1953, and then the highest was around 1985, which was almost 30 US dollars.
The second time was 1963, and today’s high was in 1993, which was also $30.
So today's low is 1971+30, and the high may appear near 2001.
Therefore, for the next transaction, I suggest that you can go long between 1980 and 1975, with a stop loss below 1970, and the upper target is 2000-2010.
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