Long

Gold Can Still Break Higher After Retest Of 2300 Support

Gold spiked to a new intraday high during Asian trading hours after new escalation on the Middle East, but notice that price did not reach new all-time highs, suggesting that wave 4 is still in progress. This could evolve into an ABC correction dropping to support levels at $2300 or $2270. Alternatively, it could form a triangle if prices stabilize around the current levels. But in both cases, I see the movement from April 12th as a corrective phase within an uptrend, and anticipate that new highs will most likely emerge later this month or early in May. Unless we break below 2200, then more significant top can be in.

ew-forecast

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