Gold Spot Price (XAU/USD) - Monthly Chart Analysis
This monthly chart of gold (XAU/USD) displays price action from the late 1990s to the present, with key levels and a measured move projection.
Key Observations:
Potential Scenario:
If gold follows the measured move projection, it could extend toward the $3,595 level, aligning with historical price behavior and technical targets.
This monthly chart of gold (XAU/USD) displays price action from the late 1990s to the present, with key levels and a measured move projection.
Key Observations:
- Current Price Action: Gold is trading at approximately $3,041, after a strong breakout from previous resistance.
- Major Support Levels: Historical support levels are marked around $1,921 and $252, representing key price zones from past market cycles.
- Measured Move Projection: A potential measured move target is plotted at approximately $3,595, indicating a possible continuation of the uptrend.
- Previous Bull Runs: The 2000s rally saw gold rise from sub-$300 levels to over $1,900 in 2011, followed by a correction and a consolidation period before the next leg higher.
- Breakout Confirmation: The recent price action suggests gold has surpassed its previous all-time high and is accelerating in momentum.
- Volume Trends: Increased trading volume in recent months indicates strong market participation, possibly confirming institutional interest.
Potential Scenario:
If gold follows the measured move projection, it could extend toward the $3,595 level, aligning with historical price behavior and technical targets.
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.
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.