Let me be honest: I "stole" the price target for gold of around 2,400 dollars from very good analysts based on the Elliott Wave Theory. However, I am not reproducing other people's content here, but contributing my own ideas that support the achievement of this price target. Essentially, the options sentiment should be mentioned: It remains consistently bullish for the coming weeks. We can deduce from the options on a weekly basis that we can expect the upward trend to strengthen until the end of March - this period coincides with the next FED meeting. Similarly, we can deduce from the options sentiment when we can expect the uptrend to peak: namely from July 2024, when sentiment becomes excessively bullish based on current conditions, making it a contrarian indicator. For these reasons, we are extremely optimistic for the precious metal in the coming weeks into the summer.
Comment:
The longer-term-trade is also performing well.