GOLD (XAU/USD): $2070 could be reached in NO TIME
As it can be inferred from the Weekly Timeframe chart, the price is on the verge of approaching the ALL-TIME HIGH levels highlighted on the graphic.
Looking at the recent price development, we might observe that a rising wedge pattern has been formed, the bullish breakout of which we are awaiting for further upside move.
A mini-support has been formed at the area of $[1933 - 1943] lining up with the 0.382 Fibonacci retracement level and the price has been able to bounce off this region. However, we are still waiting for the price to drop down and re-touch the area of the lower boundary of the wedge aligning with the 50% Fibonacci retracement level. Then, upon getting bullish confirmations, we will look into going long and acting in correspondence with the scenario plotted on the graph.
Looking at the recent price development, we might observe that a rising wedge pattern has been formed, the bullish breakout of which we are awaiting for further upside move.
A mini-support has been formed at the area of $[1933 - 1943] lining up with the 0.382 Fibonacci retracement level and the price has been able to bounce off this region. However, we are still waiting for the price to drop down and re-touch the area of the lower boundary of the wedge aligning with the 50% Fibonacci retracement level. Then, upon getting bullish confirmations, we will look into going long and acting in correspondence with the scenario plotted on the graph.
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