Gold pointing towards 1965 $
Dear traders,
I'm happy to show you my update on the gold price. Gold has finally managed to break out of the down-trend of the last few months. Whether Jerome Powell's speech was the catalyst for it is, in my opinion, debatable, since I saw this outbreak come apart from this catalyst. So where are we?
The price of gold closed at around $ 1,817. With the opening on Monday, I expect further buying impulses from the Asian stock exchange, which should catapult us towards the $ 1830 mark. Many will expect strong resistance at this point - however, I think that we should break this area after a short accumulation phase. As soon as the stops above this range at around $ 1840 are triggered, the way towards $ 1965 should be paved in the form of strong impulses. How do I get my final goal of $ 1965?
Since waves 1 and 3 are of the same length, I assume that wave 5 is extended at the 162% Fibonacci level. The result is $ 1965 and can be determined with the help of Fibacci timeframes, which gives us an impact around September-October.
Let me know what you think.
Piece,
Raffa
I'm happy to show you my update on the gold price. Gold has finally managed to break out of the down-trend of the last few months. Whether Jerome Powell's speech was the catalyst for it is, in my opinion, debatable, since I saw this outbreak come apart from this catalyst. So where are we?
The price of gold closed at around $ 1,817. With the opening on Monday, I expect further buying impulses from the Asian stock exchange, which should catapult us towards the $ 1830 mark. Many will expect strong resistance at this point - however, I think that we should break this area after a short accumulation phase. As soon as the stops above this range at around $ 1840 are triggered, the way towards $ 1965 should be paved in the form of strong impulses. How do I get my final goal of $ 1965?
Since waves 1 and 3 are of the same length, I assume that wave 5 is extended at the 162% Fibonacci level. The result is $ 1965 and can be determined with the help of Fibacci timeframes, which gives us an impact around September-October.
Let me know what you think.
Piece,
Raffa
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