Gold is currently trading within a downward price channel, and as observed, it has bounced downwards from the upper boundary of the channel to settle around the demand zone at levels between 3265.00 and 3279.00.
We can also notice the potential formation of a Head and Shoulders pattern, as illustrated on the chart.
Therefore, I expect that if the price stabilizes above the mentioned demand zone, gold may rise again towards the supply zone between 3330.00 and 3345.00, at which point it would have broken out of the downward channel and also broken through the neckline of the Head and Shoulders pattern.
This could lead to potential targets at 3365.00, 3415.00, 3435.00, and 3500.00, and after that, we might even see a new peak for gold.
Good Luck
We can also notice the potential formation of a Head and Shoulders pattern, as illustrated on the chart.
Therefore, I expect that if the price stabilizes above the mentioned demand zone, gold may rise again towards the supply zone between 3330.00 and 3345.00, at which point it would have broken out of the downward channel and also broken through the neckline of the Head and Shoulders pattern.
This could lead to potential targets at 3365.00, 3415.00, 3435.00, and 3500.00, and after that, we might even see a new peak for gold.
Good Luck
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.