Gold did move down in the initial stage of the past week but it was not able to break below 2880. Driven by fundamentals, it quickly reversed and went all the way to another ATH at around 3004. Although 3000 was considered a strong resistance, price won't be reversed so easily.
Historically, when price first hit 1k, it reached 1032. Also when price first hit 2k, it went all the way to 2075. Therefore, when this time it hit 3k, price may be topped at 3100.
For next week, I will limit my selling orders while mainly engage buying orders. However, on Monday, it may drop to 2957 (last high), where there could be some nice buying setups.
My next week 1st target 3038
Ultimate target 3081.
Historically, when price first hit 1k, it reached 1032. Also when price first hit 2k, it went all the way to 2075. Therefore, when this time it hit 3k, price may be topped at 3100.
For next week, I will limit my selling orders while mainly engage buying orders. However, on Monday, it may drop to 2957 (last high), where there could be some nice buying setups.
My next week 1st target 3038
Ultimate target 3081.
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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.