If you have been following my analyses on Gold on other social media platforms, you know that I predicted the correction from $1,813 to $1,765 before continuing its way up for new highs this year and this is exactly what happened.
After retesting the $1,765 zone, the price bounced back up reaching $1,826 despite strong jobs report which indicates that the illusion of an economic recovery may be finally priced in and that it is finally time to see Gold continuing its upside trend during such an inflationary period.
Zooming in at the 30 min chart, we can see that Gold may have finished 5 waves up, and now we may see a 38.2% Fibonacci Retracement to test the $1,795 again. Not breaking below $1,795 would be an amazing buy opportunity as this zone is the previous wave 4 according to the Elliott Wave theory.
Additionally, Gold is known to usually retrace by 38.2%; however, if the price ended up breaking below $1,795, it is suggested to wait for further downside to retest the $1,765 critical area before buying again.
With everything the globe is experiencing, from inflation, to supply chain shocks, COVID-19 cases, etc... I still see that rates will stay near 0 in order not to stop the recovery and burst the markets' bubbles which is bullish for Gold in the medium to long-term.
After testing $1,795 again, aim for $1,815- $1,835- $1,843, and $1,870 as your main targets.
After retesting the $1,765 zone, the price bounced back up reaching $1,826 despite strong jobs report which indicates that the illusion of an economic recovery may be finally priced in and that it is finally time to see Gold continuing its upside trend during such an inflationary period.
Zooming in at the 30 min chart, we can see that Gold may have finished 5 waves up, and now we may see a 38.2% Fibonacci Retracement to test the $1,795 again. Not breaking below $1,795 would be an amazing buy opportunity as this zone is the previous wave 4 according to the Elliott Wave theory.
Additionally, Gold is known to usually retrace by 38.2%; however, if the price ended up breaking below $1,795, it is suggested to wait for further downside to retest the $1,765 critical area before buying again.
With everything the globe is experiencing, from inflation, to supply chain shocks, COVID-19 cases, etc... I still see that rates will stay near 0 in order not to stop the recovery and burst the markets' bubbles which is bullish for Gold in the medium to long-term.
After testing $1,795 again, aim for $1,815- $1,835- $1,843, and $1,870 as your main targets.