Hello everyone!
Here is my short and medium-term analysis for gold.
Last week, gold was able to break down from its multiple month downwards channel that saw it going from its highs in the $2000's to a low just under $1700. Since this point, gold has been able to recover and has demonstrated strong momentum upwards in response to inflationary pressures and the recent NFP reports.
From a fundamental perspective, I expect gold to continue higher for the following months and years, as inflationary fears will cause investors to inject money into safe havens.
However, from a technical perspective, I expect gold to slightly retrace from its highs. Drawing a fibonacci retracement from its lows to its current swing high yields a golden zone around the $1800, which is also an extremely pivotal price level. The target for this trade will be the -0.618 fib extension, or $2064, which exactly coincides with the August high.
If you have any questions, please leave them below.
Here is my short and medium-term analysis for gold.
Last week, gold was able to break down from its multiple month downwards channel that saw it going from its highs in the $2000's to a low just under $1700. Since this point, gold has been able to recover and has demonstrated strong momentum upwards in response to inflationary pressures and the recent NFP reports.
From a fundamental perspective, I expect gold to continue higher for the following months and years, as inflationary fears will cause investors to inject money into safe havens.
However, from a technical perspective, I expect gold to slightly retrace from its highs. Drawing a fibonacci retracement from its lows to its current swing high yields a golden zone around the $1800, which is also an extremely pivotal price level. The target for this trade will be the -0.618 fib extension, or $2064, which exactly coincides with the August high.
If you have any questions, please leave them below.
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