This is a daily timeframe analysis and is my long-term prediction for GOLD. Currently sitting at a key zone to determine price movement direction after breaking out of my trend zone on the daily time frame instead of hitting the top acting as resistance and pulling back down. After the breakout, we've had a little consolidation period over the last day or two allowing for short-term volatility causing a rising wedge pattern on the smaller 1-hour time frame where we will see gold breakout and pullback to the zone to touch and go up to 1900 +. For a long term trade, it's imperative to wait and see whether or not we fall back into the zone and continue the trend or if price momentum has actually shifted into the bulls favour if so we could see a nice long trade up to 1900-1950 > 2000. It wouldn't surprise me with the current doubts and attempts of regulations on crypto specifically bitcoin not only could retail traders be looking at gold more but large financial institutions switching their funds into the asset. Similar to the start of the pandemic when GOLD managed to reach 2000 in a very short period of time hitting all-time highs every month.
