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GOLD To The Moon! Will the Prices of Gold Rise to $2500/ounce?Throughout history, gold has been seen as a special and valuable commodity. There are several factors that make gold a strong safe-haven asset. It’s valuable as a material for consumer goods such as jewelry and electronics, and it is scarce. Gold cannot be manufactured like a company issues new shares or a federal bank prints money. It must be dug up from the ground and processed. Today, owning gold can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier. As a global store of value, gold can also provide financial cover during geopolitical and macroeconomic uncertainty. However, before you decide that you need to buy gold immediately, it’s a good idea to take a step back. Gold is an asset like any other - it can rise or fall due to sentiment. Should You Buy Gold Now? In order to answer this question, let's take a look at the Gold chart using technical analysis. Elliott Wave Analysis + Supply & Demand The XAUUSD "Gold" monthly chart above shows that the rally from the 2015 low of $1049/oz has been unfolding as a five-wave impulse pattern. This pattern is labeled 1-2-3-4-5 and the sub-waves of wave 3 are visible from the weekly chart below. The market is currently trading in wave 4 correction which is about to complete, the price is expected to resumes higher in wave 5 to complete the impulse sequence once wave 4 bottom. As you can see from the previous fourth waves correction in black and pink, the market resumed higher rapidly in the fifth waves when they completed. This is the kind of scenario that's expected to happen once wave 4 in blue is complete. Confluence Confluence occurs when several technical analysis methods give the same trade signal. An area in the market where two or more structures come together to form a high-probability buy/sell zone. In the Gold charts above, we have a confluence of indicators creating a strong demand area consisting of: An Ascending Trendline Supply & Demand Imbalance Zone 20 Months Moving Average as dynamic support Correction Parallel Channel Support 38.2% Fibonacci retracement of wave 3 advance. The confluence of technical indicators suggests that Gold will most likely bottom within the confluence zone indicated on the chart and start the anticipated advance soon. Breaking Down Correction On The Daily Time The daily chart above shows that Gold decline from its August 2020 high has been unfolding as a double zigzag pattern, labeled (w)-(x)-(y). Correction is usually enclosed within a parallel channel and when it completes the market will resume in the direction of the impulse. Gold Wave 4 correction will most likely reverse within the blue zone, most especially within 61.8% - 78.6% area. Entry Confirmation & Targets Zone: The breach of the $1814.78/oz key level will confirm that XAUUSD has bottomed and the price is now heading higher in wave 5. If this count is correct targets within $2300 and $2500 per ounce are plausible in the months ahead. Check out my Gold 2019 Elliott Wave Analysis that send its price 30% higher. What's your thought on Gold? Can the price rise to $2500/oz? Let me know in the comment. Thanks for reading! Veejahbee.
OANDA:XAUUSDLong
by Veejahbee
3
Gold Looking Bullish AgainI posted on Gold last week that I was expecting a big move. It dropped a bit after that but now is looking like breaking higher. It now looks like it has broken a resistance and is rising to the trendline. I expect it to break above the trendline as well and test the next resistance. For a safer entry you can wait for it to retrace from this resistance level to enter, I am already long though. The previous high of 1960 is a good target although I am holding this long term to reach new all time highs. SL can be around 1825
OANDA:XAUUSDLong
by olly48
1
Gold Hit Tp1 +220 Pips And Continue To Who Entered This Trade With Me Please Secure Your Trade And Collect Your Profits This is an educational + analytic content that will teach why and how to enter a trade Make sure you watch the price action closely in each analysis as this is a very important part of our method Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
FX:XAUUSDLong
by FX_Elite_Club
2