Are we going to see GOLD close to $3000 before EOY 2024
The current pattern suggests a large cup and handle formation, which is generally a bullish continuation pattern. The highlighted yellow areas indicate a possible cup formations between 2011 and 2020.
Support and Resistance Levels:
$2330: Previous resistance, now turned support.
$2410: Intermediate support level.
$2650: current resistance level.
$2730: Next potential resistance level.
$3070: Upper resistance, which could be a significant level if breached.
The price is currently trading around $2658.99, indicating strong bullish momentum. If the price can maintain above the $2650 level, it could aim for higher targets like $2730 and eventually $3070
A rejection from the current levels or from the $2730 resistance could lead to a pullback towards $2410 or even lower to $2330. This would still be within the context of a larger bullish trend unless $2330 is broken.
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