Gold's Ultimate Destination: Breaking Down Critical Levels
Trend
-- The price has surpassed the healthy channel from the end of 2022.
-- It is possible that the momentum move is nearing its end and entering an overbought zone.
100% Symmetrical Projection: Uptrend "N" Patterns
There are two "N" Patterns: a Large Purple N and a Small Orange N.
N Pattern's Target Price & Fibonacci Price Cluster
-- The target price of $2356 (Orange N) almost perfectly aligns with two other Fibonacci levels.
-- The target price of $2480 (Purple N at 1.5X) matches with two other Fibonacci levels.
To determine the significance of each target price, a Fibonacci retracement was conducted:
-- Testing from $1810.4 to $2356 (Orange N): few validated price reactions to key levels were observed.
-- Testing from $1984 to $2480 (Purple N at 1.5X): minimal price reaction to key levels was observed.
Conclusion
-- The $2356 target price (Orange N) represents a critical pressure level and may serve as the main target price of this momentum move.
-- In other words, for the momentum to continue, the price must surpass the critical pressure level at $2356.
-- At that point, we will then turn our attention to the second target price of $2480.
Not Financial Advice
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
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