This is a much longer term, Weekly Candles, Chart on Gold to supplement my other short-term posts on the price action.
We can see that Gold is firmly in the long term uptrend channel and actually currently below the mid-line of that channel so, not 'over-bought' as far as I am concerned.
There is a clear long term 'Cup & Handle' pattern which gives a circa $2,600 price target.
I've shown the channel and paralleled the first movement (from bottom to top) to try and show where then this next move is likely to get to ... indicates circa $2,650 as the price high & October 2024 as the likely timescale so, whilst my short-term charts show an Inverse H&S price target of circa $1,980 there should be plenty more to come over the next 22 months.
So, Cup & Handle theory and the long term channel both align with a price target in the range of $2,600 - $2,650
Whilst i take the occasional LONG position in Gold itself, it's the junior productive gold miners where i put my real money, as their operational leverage should see some extraordinary gains afforded the Private Investor thru 2023 & 2024.
We can see that Gold is firmly in the long term uptrend channel and actually currently below the mid-line of that channel so, not 'over-bought' as far as I am concerned.
There is a clear long term 'Cup & Handle' pattern which gives a circa $2,600 price target.
I've shown the channel and paralleled the first movement (from bottom to top) to try and show where then this next move is likely to get to ... indicates circa $2,650 as the price high & October 2024 as the likely timescale so, whilst my short-term charts show an Inverse H&S price target of circa $1,980 there should be plenty more to come over the next 22 months.
So, Cup & Handle theory and the long term channel both align with a price target in the range of $2,600 - $2,650
Whilst i take the occasional LONG position in Gold itself, it's the junior productive gold miners where i put my real money, as their operational leverage should see some extraordinary gains afforded the Private Investor thru 2023 & 2024.
Trade active:
Gold price has continued ahead since i first posted this chart back in January 2023 ... now banging on $2,400 but, still more to come in my opinion