Gold recovers to 2050 USD?
Updated
Gold is showing clear signs of recovery today. Currently, the precious metal is trading around $1967, marking a $7 increase for the day.
It can be observed that after gold formed a peak at $2010, which we call wave 1 in the DOW theory, wave 2 has corrected down to the 0.618 Fibonacci level, corresponding to $1933. Along with that, it has tested the EMA 34 and 89 lines again. If wave 3 (the current wave) of the DOW continues to unfold, it will be a price uptrend with a temporary target of $2010 and potentially reaching $2050.
It can be observed that after gold formed a peak at $2010, which we call wave 1 in the DOW theory, wave 2 has corrected down to the 0.618 Fibonacci level, corresponding to $1933. Along with that, it has tested the EMA 34 and 89 lines again. If wave 3 (the current wave) of the DOW continues to unfold, it will be a price uptrend with a temporary target of $2010 and potentially reaching $2050.
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