Gold has been stuck in a sideways channel since June 2021. There is significant support for gold around $1727 which was the price near the beginning of COVID before breaking $2000.
There are strong support lines proving a ceiling around $1831. It seems we will be retesting this support level in November or December of this year. If $1831 is broken, it seems the sky is the limit for gold and we will quickly re-test all time highs.
My belief is that the lower blue lines will not be broken for the foreseeable future. I would guess that we break the upper orange line before the bottom orange line and inevitably complete a cup and handle pattern.
I drew the green arrow in June or July of 2021. I believe it will hold up.
Thanks for reading.
There are strong support lines proving a ceiling around $1831. It seems we will be retesting this support level in November or December of this year. If $1831 is broken, it seems the sky is the limit for gold and we will quickly re-test all time highs.
My belief is that the lower blue lines will not be broken for the foreseeable future. I would guess that we break the upper orange line before the bottom orange line and inevitably complete a cup and handle pattern.
I drew the green arrow in June or July of 2021. I believe it will hold up.
Thanks for reading.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.