Gold can reach 1650 ?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold made an inverse head & shoulders pattern on monthly chart. After breaking-out, price retested the neckline at 1160 in August 2018. That was also a retest of the 12-year uptrend line since 2007. Uptrend has been confirmed since gold broke out the multi-year range between 1100 and 1370, reached above 1400 which is a higher high. If we calculate the target of the inverse head & shoulders pattern, it can approximately take gold to as much as 1650.

This is just a long-term forecast, which is not going to happen in short term but can happen within this year or next couple of years. The inverse head & shoulders pattern will be invalid if gold trades under the low of 2015 at 1046.



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