Gold Upward Trend Continues with $2975 Target in Sight
The gold market is currently experiencing a bullish trend, and technical indicators suggest that this momentum is likely to continue. Based on the 4-hour chart analysis, gold is approaching a new high, with the next key price target set at $2975.
Technical Analysis & Market Outlook
Price Trend & Momentum
Gold prices are on an upward trajectory, indicating strong bullish sentiment.
The market is showing a consistent push toward higher price levels.
Fibonacci Retracement Signals Bullish Continuation
The Fibonacci 0.5 retracement level has been successfully completed.
This technical confirmation suggests that the correction phase has ended, and the price is likely to continue its upward movement.
Key Resistance & Support Levels
The next major resistance level is at $2975, which serves as a potential price target.
On the downside, if the market faces any pullback, previous support zones $2878 will play a crucial role in stabilizing the price.
Market Expectations
Given the technical setup, gold is expected to maintain its bullish momentum in the short term. Traders and investors should monitor key resistance levels, while also keeping an eye on macroeconomic factors such as inflation data, interest rates, and geopolitical developments, which can influence gold prices further.
In conclusion, with the Fibonacci retracement completed and the market pushing toward new highs, gold is well-positioned to reach $2975 in the coming sessions
Technical Analysis & Market Outlook
Price Trend & Momentum
Gold prices are on an upward trajectory, indicating strong bullish sentiment.
The market is showing a consistent push toward higher price levels.
Fibonacci Retracement Signals Bullish Continuation
The Fibonacci 0.5 retracement level has been successfully completed.
This technical confirmation suggests that the correction phase has ended, and the price is likely to continue its upward movement.
Key Resistance & Support Levels
The next major resistance level is at $2975, which serves as a potential price target.
On the downside, if the market faces any pullback, previous support zones $2878 will play a crucial role in stabilizing the price.
Market Expectations
Given the technical setup, gold is expected to maintain its bullish momentum in the short term. Traders and investors should monitor key resistance levels, while also keeping an eye on macroeconomic factors such as inflation data, interest rates, and geopolitical developments, which can influence gold prices further.
In conclusion, with the Fibonacci retracement completed and the market pushing toward new highs, gold is well-positioned to reach $2975 in the coming sessions
Trade closed: target reached
$2975 Trade Closed.
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.