GOLD Hits Local Top—$2400 First, Then New Highs Ahead
Time to Get Serious with 
GOLD XAUUSD
Weekly chart printed a reversal signal right before the election date. If this signals follows through and closes below $2600 by the end of the week, we could potentially see prices drop below $2400.
The monthly chart looks strong overall, withGOLD being slightly overextended beyond the second target and failing to reach the $2900 level. This timeframe also points to $2300 as a good area to consider buying back.
This will likely take weeks to come to fruition. Expect prices to potentially range around current levels, with $2750 being a key area to keep shorting until it breaks.
Q2 should bring some positive movement forGOLD, but for now, it seems like a local top, and a new consolidation phase above prev ATHs (All-Time Highs) is likely to form in the coming months.
GOLD XAUUSDWeekly chart printed a reversal signal right before the election date. If this signals follows through and closes below $2600 by the end of the week, we could potentially see prices drop below $2400.
The monthly chart looks strong overall, with
GOLD being slightly overextended beyond the second target and failing to reach the $2900 level. This timeframe also points to $2300 as a good area to consider buying back.This will likely take weeks to come to fruition. Expect prices to potentially range around current levels, with $2750 being a key area to keep shorting until it breaks.
Q2 should bring some positive movement for
GOLD, but for now, it seems like a local top, and a new consolidation phase above prev ATHs (All-Time Highs) is likely to form in the coming months.Note
Seems everyone's Long GOLD and just want higher instead of a retracement. $2400 is the Real Zone to Watch!
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