Gold Target $3,000
A projected target shy of $3100 can be calculated by taking the height of the basing pattern at its widest spread and adding it to the breakout area. That very same target is also obtained by the 2.618 Fibonacci ratio measurement taken off the September 2011 to December 2015 decline. As long as the price can stay above $2300, the next resistance area will be the so-called psychological level at $3000, notwithstanding periods of consolidation along the way.
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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.