GOLD BULLISH TARGET 2025Based on Elliot Wave analysis, SAXO:XAUUSD Gold is currently in 4th wave of the trend where it has potential to continue moving up to its 5th wave completing it's wave. By using the Fibonacci ratio to measure the upside, it indicates that Gold will probably hit 2858 and 2946 in the future. Taking 3000 as its psychological resistance.
Pattern analysis also shows symmetrical triangle pattern where if Gold has successfully breaks the downtrend line of the pattern, this will confirm that the 4th wave is completed and will continue catching upside target of the wave analysis.
However, if Gold hits the downtrend line resistance which the area correspondent to the Fair Value Gap (FVG) area and starts to decline making minor correction, I would strongly recommend to find the nearest support to become entry point. Note that 2620 - 2610 is the strong support that Gold will probably not going to break to maintain its bullish pattern.
Short term upside Target of SAXO:XAUUSD will be at 2762 as it is the Daily Fair Value Gap (FVG) which is likely for GOLD to hit this area.
Gold Bullish Indication points:
1. Elliot wave on 4th wave
2. Symmetrical triangle pattern
3. Strong uptrend
3. Geopolitical tension
4. Expecting another rate cuts in 2025
History repeats itself:
Last year on mid of February, Gold started its strong uptrend momentum until today where it has gained more than $700 in price. I would expect upward momentum later next February where it will continue going up until 2nd quarter of the year.
Disclaimer!!! Do your own research!!!
If you have any comments on my analysis feel free to drop comments below. Hopefully my analysis can be useful for traders around the world.
