gold market strategic outlook 2024

🔸Hello guys, today let's review 2daily price chart for gold. Ongoing accumulation
in progress since 2020, strong chart overall, however expecting short/mid-term weakness
before reversal. Accumulation not complete yet, final low print required to complete
the sequence and flip market into bull mode.

🔸Range lows defined at 1715 usd, range highs set at 2000 usd, resistances overhead
at 2 050 / 2100 usd and key supports below near 1650/1700 USD. Short-term /
mid-term outlook: rejection on high volume near 2125 usd locks further upside
and therefore pullback required for re-accumulation.

🔸We are trading in well-defined range since August 2020, current risk/reward
favors bearish pullback and it's recommended for the bulls to focus on buying
low later after the pullback. Valid target for bulls after pullback near 2300/2450 USD.

🔸Recommended strategy position traders: BULLS should remain on sideline and
focus on buying low later after pullback completes near range lows. accumulate/buy
low, TP1 2300 USD TP2 is 2450 USD, keep in mind this is a swing trade setup and
more patience required. good luck traders!

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Comment:

pullback in progress currently