CFDs on Gold (US$ / OZ)Updated Gold is waiting to test $2075, But correction is a must.
Gold started this week with an upside gap like the last week and tested above the $2002 price zone.
Last week's high was $1970, and the gold price is stabilizing above the $1970. So from the present rate, $1970 will work as minor and near-term support.
So, in the short-term picture, if gold is correct, nearly $1970/1980 zone may be a buying opportunity, and stop-loss should be below $1970 price zone and near term target $2075.
As $2075 is an all-time high rate, significant correction is necessary. From my 14 years of gold trading experience, I can say a correction is a must from the $2075/2095 price zone. It may be a significant correction because of profit-taking.
Based on the weekly and monthly chart, it says, if the gold price goes correction the all-time high price zone, it may correct to the $1930/1900 price zone, then it will continue its uptrend again till the 2330 price zone if the Rusia-Ukraine war and NATO countries sanctions exist.
Last week's high was $1970, and the gold price is stabilizing above the $1970. So from the present rate, $1970 will work as minor and near-term support.
So, in the short-term picture, if gold is correct, nearly $1970/1980 zone may be a buying opportunity, and stop-loss should be below $1970 price zone and near term target $2075.
As $2075 is an all-time high rate, significant correction is necessary. From my 14 years of gold trading experience, I can say a correction is a must from the $2075/2095 price zone. It may be a significant correction because of profit-taking.
Based on the weekly and monthly chart, it says, if the gold price goes correction the all-time high price zone, it may correct to the $1930/1900 price zone, then it will continue its uptrend again till the 2330 price zone if the Rusia-Ukraine war and NATO countries sanctions exist.
Note
We have updated our gold's weekly charts and analysis. Let's check it out... 
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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.