Gold Trading Update: The $3K Target Achieved
Gold has reached the $3,000 target as expected. Technical analysis indicates there's still room for further upside, potentially towards the overbought line of the larger uptrend channel. Notably, we're not seeing any signs of supply entering the market yet.
The $3,000 level was our focus, and gold has just hit that today. We've been watching this breakout, which tested on low volume. The upward momentum continues with an extension forming, and volume is now picking up, showing improvement in the trend.
What's Next for Gold Trading?
The current technical indicators suggest we can still move higher. Gold has been advancing for five to six consecutive days, demonstrating persistent improvement to the upside. Supply on the way up is comparable to the previous strong area we've discussed.
What makes this move particularly noteworthy is the absence of significant reactions or pullbacks. The market is showing only very small retracements, indicating bullish strength.
This continued strength without substantial corrections suggests the bull run in gold may continue in the near term. Traders should watch for potential targets at the overbought line of the larger uptrend channel as mentioned in our analysis.
This analysis is for informational purposes only and should not be considered investment advice.
Gold has reached the $3,000 target as expected. Technical analysis indicates there's still room for further upside, potentially towards the overbought line of the larger uptrend channel. Notably, we're not seeing any signs of supply entering the market yet.
The $3,000 level was our focus, and gold has just hit that today. We've been watching this breakout, which tested on low volume. The upward momentum continues with an extension forming, and volume is now picking up, showing improvement in the trend.
What's Next for Gold Trading?
The current technical indicators suggest we can still move higher. Gold has been advancing for five to six consecutive days, demonstrating persistent improvement to the upside. Supply on the way up is comparable to the previous strong area we've discussed.
What makes this move particularly noteworthy is the absence of significant reactions or pullbacks. The market is showing only very small retracements, indicating bullish strength.
This continued strength without substantial corrections suggests the bull run in gold may continue in the near term. Traders should watch for potential targets at the overbought line of the larger uptrend channel as mentioned in our analysis.
This analysis is for informational purposes only and should not be considered investment advice.
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Wyckoff Method Trading and Education
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.