Gold remains in a strong positive trend, fueled by rising geopolitical concerns. We've seen many all-time highs form as bullish momentum persists. Despite this, the stock market remains resilient at its current highs, showing that investors are not actively chasing safe-haven assets.
I'm currently focused on the symmetrical triangle and the bullish channel that has emerged. Given the price activity, a pullback or retracement is anticipated, particularly when the price approaches the channel's upper border. A powerful rise followed the bullish breakout from the triangle, implying that the short-term surge may be coming to an end. I foresee a decline to the 38%-50% Fibonacci retracement levels shown on my chart. These levels are consistent with the channel's lower limit, which has performed as a crucial support line throughout the recent bullish trend.
I'm currently focused on the symmetrical triangle and the bullish channel that has emerged. Given the price activity, a pullback or retracement is anticipated, particularly when the price approaches the channel's upper border. A powerful rise followed the bullish breakout from the triangle, implying that the short-term surge may be coming to an end. I foresee a decline to the 38%-50% Fibonacci retracement levels shown on my chart. These levels are consistent with the channel's lower limit, which has performed as a crucial support line throughout the recent bullish trend.
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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.