Gold trend 29/11

2050 target achieved! Goin to test another new high this week???

After a few rejections, gold finally got past the 2020(1.1) resistance yesterday in the US session, breaking out from the triangle pattern(1) and touching the top of the uptrend channel(2) near 2043. The buying resumes in the Asian session today reached our 2050(3) target.

1hr chart - The resistance at 2050(3) remains strong; long positions held at the beginning of this week should take profit for now; expect the price to continue hovering near 2040-50 in S-T. Whether the price can move higher in the next 48 hours will very much depend on the release of US economic data today and tomorrow. If inflation slows down further, there is a chance for gold to test the next resistance level at 2070(4).

Daily chart - Gold has been bullish after clearing the resistance line (5), and our initial target of 2050(3) has been reached. Based on the proportion of the previous upward wave (6) and correction, if the price can break through 2050(3), the next preliminary target to watch for would be around 2084(6).

S-T Resistances:
2065
2057-59
2050-52

Market price: 2046

S-T Supports:
2040-42
2030-32
2026

If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.

P. To