Gold Spot to $2600 by 2024
Updated
Gold (
XAUUSD) is forming an immature cup and handle on the monthly with a price target of $2600. On the weekly, we see it has broken above this triangle as you see in the chart below. That move is not confirmed yet either, but if next week, gold trades above this week's close, then we set a price target of $2060 and set a stop loss below the recent low.
Charting Gold versus M2 Money Supply, we see gold hitting a historical low of 2007 which has supported the price many times between 2007 and today where it remains a strong support.
Let me know what you think. Leave comments and if you like, leave a like. Cheers.
XAUUSD) is forming an immature cup and handle on the monthly with a price target of $2600. On the weekly, we see it has broken above this triangle as you see in the chart below. That move is not confirmed yet either, but if next week, gold trades above this week's close, then we set a price target of $2060 and set a stop loss below the recent low.Charting Gold versus M2 Money Supply, we see gold hitting a historical low of 2007 which has supported the price many times between 2007 and today where it remains a strong support.
Let me know what you think. Leave comments and if you like, leave a like. Cheers.
Note
Well needless to say, this triangle did break upwardsNote
Gold versus M2 Money Supply reversed off the historical support.
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.