In the previous analysis it was stated that Gold is heading for 2,770$ and 2,835$ as the final targets and more importantly it was clearly stated that the ongoing Gold rise would be the final one before we see a significant correction/drop in price.
Just as the US elections was concluded, Gold reached the high of 2,790$ and then the heavy correction began. Gold touched 2,536$ today and based on technical analysis, it seems the precious metal is going to have some rise towards 2,600$ and 2,638$ zones.
This possible rise is triggered by crossing above the blue trendline and of course is a temporary up move. In fact Gold shall continue its drop towards lower levels soon.
Just as the US elections was concluded, Gold reached the high of 2,790$ and then the heavy correction began. Gold touched 2,536$ today and based on technical analysis, it seems the precious metal is going to have some rise towards 2,600$ and 2,638$ zones.
This possible rise is triggered by crossing above the blue trendline and of course is a temporary up move. In fact Gold shall continue its drop towards lower levels soon.
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.