GOLD FUTURES, Important FORMATION, Accelerate MASSIVE Breakout!Hello There!
Welcome to my new analysis of the GOLD FUTURES. The massive inflation, recession, and supply-chain disruption events that emerged in the past times have increased the investor's fearfulness and accelerated the investor sentiment in regard to a favoring of safe haven investments to hedge against the massive inflation, recession, and supply-chain disruptions events. GOLD has been not only around for several thousands of years and already survived the great depression, the dot-com bubble, and the financial crisis but it has also become more and more popular in terms of an exchange value in a new gold-backed currency system implementation.
The signs in the GOLD FUTURES price-action that I have spotted within recent times also point to a major interesting underlying dynamic as the GOLD price-action already had the ability to bounce within the 1620 and 1690 structure supports already forming an important bullish price spike towards the all-time-high direction this is forming a structure from where the GOLD price is now also building a substantial base above the 1920 area. These major open interest developments have created an ABC pattern with A being the pole and now with B forming this is forming the base from where a massive all-time-high breakout has a tremendous possibility to emerge.
Furthermore, from the daily timeframe perspective, GOLD FUTURES are forming this substantial descending triangle formation that is likely to be completed with a final breakout above the upper boundary and from there on mark initial targets of 1240.5. From a weekly timeframe perspective, this will also complete the major GOLD base breakout from where GOLD is going to emerge with the wave C extension and activate a minimum target of 2500. In the next times, these are important levels to watch out and especially the final validations are going to have an enormously important effect on the actual price-action determinations to consider for the upcoming times.
Remember, that the current dynamics are backed by investors who are looking to hedge against major inflation, recession, and supply-chain disruption events, and in this case an appropriate additional acceleration of the price-action moving at a faster pace will be realized with the necessary gold-backed currency system implementation.
Thank you everybody for watching my idea about GOLD. Support from your side is greatly appreciated.
VP
