The gold price is in a long-term rising trend (cf. monthly chart), and a further strong development is signaled for the gold price in the coming years within this rising trend.
A new strong technical buy signal for gold has recently been triggered after a breakout from a very large right-angled triangle consolidation formation (period 2011 - 2024, cf. chart).
According to this long-term positive trend that the gold price is moving within, and has done since back to 2002, a further rise in the gold price is now being signaled in the years ahead.
There is now little technical resistance to a further rise in the gold price, and the potential is all the way up to around USD 10,000 for the gold price in the next 6-8 years (cf. chart).
Gold can therefore still prove to be a good investment in the coming years as well.
In the very short picture now, the gold price is consolidating within a rectangle consolidation formation, and between a technical support level around USD 2,270.00 and a resistance level around USD 2,440.00.
There is also significant technical support for the gold price now around the 50-day moving average, which is currently around USD 2,340.00.
A break up from this consolidation formation, and above the USD 2,440 level will trigger new positive technical signals for the gold price, and where there will then be little technical resistance further up.
In the event of a break down from the aforementioned consolidation formation, and below the short-term support level which is around USD 2,340, a test of the support level down towards the 200-day moving average, which is currently around USD 2,150, will be signalled.
You are welcome to visit StockCharts365.com and read more technical analyzes there about shares in the US, shares in the Nordics, important stock market indices, currencies, cryptocurrencies and commodities.
Also on:
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.