Gold Rally to 2,130
Gold is in its' last wave up (Wave 5) and specifically in wave 3 of 5 (the strongest impulsive wave), it is now on its' trendline which has been intact since March 2020 and is a sub trendline of the bigger uptrend that has been intact for 4 years now. Moreover, gold is now on the 61.8% Fibo level which supports the scenario of gold going up.
Targets are calculated based on Fibonacci extensions and gold is expected to extend to new all time highs. A safe target would be 2,045 however it is expected to break the previous ATH and reach the following targets:
2,130 ---> 2,180 ---> 2,300
A proper stop loss would be below the 1,756 level to protect the trade from whipsaws and it is recommended to move SL to breakeven right after the breaking of the 1,960 level.
Targets are calculated based on Fibonacci extensions and gold is expected to extend to new all time highs. A safe target would be 2,045 however it is expected to break the previous ATH and reach the following targets:
2,130 ---> 2,180 ---> 2,300
A proper stop loss would be below the 1,756 level to protect the trade from whipsaws and it is recommended to move SL to breakeven right after the breaking of the 1,960 level.
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