Technical Analysis of Gold Price – Long-Term Perspective
Gold is currently in the peak phase of a major impulsive wave within this cycle, showing no signs of weakness in the short term. The price continues to exhibit a strong upward trend, moving within a clear technical structure. It is important to note that this analysis does not focus on the specific time period but rather on the trend and cycle. This approach offers a clearer understanding of the market dynamics and helps identify the broader direction of the price.
Short-Term Pullback
Gold is expected to experience a pullback to the zone between $2470 and $2430 before resuming its upward trend. This area represents a key support zone where the market may find renewed buying interest and continue its impulsive wave.
Impulsive Wave Toward $2700-$2750
Following the pullback, the price is projected to enter a new impulsive wave, targeting the $2700 to $2750 range. This area marks the next significant resistance level, and a consolidation phase could be expected here.
Consolidation and Potential Breakout to $2970-$3000
After reaching the mentioned range, the price might consolidate between $2700 and $2970. The key resistance level is at $2970-$3000, and a breakout above this level could signal a significant price rally.
Expected Correction to $2550-$2250
If the market fails to hold above $2970-$3000, a correction towards the support levels between $2550 and $2250 is possible. This correction could present a new buying opportunity before the final impulsive wave begins.
Final Impulsive Wave Toward $3500-$3870
The last wave of this cycle could push gold prices to new long-term highs in the $3500 to $3870 range. This phase is likely the final impulsive move before a more substantial correction or long-term consolidation occurs.
Time Aspect
While the specific time frame is not the focus of this analysis, it is important to highlight that gold is entering a "discovery" phase, where prices are moving into uncharted territory. As a result, price behavior becomes increasingly unpredictable. Therefore, this is a general outlook of gold, with no precise timing provided.
Disclaimer:
This analysis is provided for educational purposes only and reflects my personal view of the market. I am not a financial advisor, and anyone considering trading or investing should conduct their own analysis or consult with a licensed financial advisor before making any decisions. Trading carries significant risk, and each individual is responsible for their actions in the market.
Short-Term Pullback
Gold is expected to experience a pullback to the zone between $2470 and $2430 before resuming its upward trend. This area represents a key support zone where the market may find renewed buying interest and continue its impulsive wave.
Impulsive Wave Toward $2700-$2750
Following the pullback, the price is projected to enter a new impulsive wave, targeting the $2700 to $2750 range. This area marks the next significant resistance level, and a consolidation phase could be expected here.
Consolidation and Potential Breakout to $2970-$3000
After reaching the mentioned range, the price might consolidate between $2700 and $2970. The key resistance level is at $2970-$3000, and a breakout above this level could signal a significant price rally.
Expected Correction to $2550-$2250
If the market fails to hold above $2970-$3000, a correction towards the support levels between $2550 and $2250 is possible. This correction could present a new buying opportunity before the final impulsive wave begins.
Final Impulsive Wave Toward $3500-$3870
The last wave of this cycle could push gold prices to new long-term highs in the $3500 to $3870 range. This phase is likely the final impulsive move before a more substantial correction or long-term consolidation occurs.
Time Aspect
While the specific time frame is not the focus of this analysis, it is important to highlight that gold is entering a "discovery" phase, where prices are moving into uncharted territory. As a result, price behavior becomes increasingly unpredictable. Therefore, this is a general outlook of gold, with no precise timing provided.
Disclaimer:
This analysis is provided for educational purposes only and reflects my personal view of the market. I am not a financial advisor, and anyone considering trading or investing should conduct their own analysis or consult with a licensed financial advisor before making any decisions. Trading carries significant risk, and each individual is responsible for their actions in the market.
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.