For a very long time, gold has been seen as a hedge against economic volatility and an asset of safety. As a result, a lot of investors closely monitor changes in the price of gold and its market. I’ll analyse the gold market’s present situation in this post using the comments I made in a private Telegram chat on December 12, 2023.
According to the remarks made, the gold price has experienced a recent pullback, but the monthly trend is still up. The weekly and daily trends, however, are down. The key support levels (S1, S2, and S3) are at the 1980, 1915, and 1910 area, respectively, while the resistance levels (R1 and R2) are at the 2070 and 2115 area, respectively. The remarks also indicate a favor for the upward trend and I was rooted for R2 break by the end of the year or within the first week of January 2024 (I usually don’t reveal my targets ahead of time. I might be mistaken, therefore TAYOR, please double-check your information).
On 19 December 2023, I made another remark targeting the gold rate at 2067 areas, which was achieved.
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As of today, the gold rate is at 2074, with indications for MN, W1, D1, and H4 being up, H1 being red but up, and M30, M15, M5, and M1 being down. Based on the personal trade line that was drawn years ago, gold now appears to be in the middle of an uptrend move. This suggests that the current market trend is a continuation of a rising wedge or ascending triangle formation.
The rising wedge formation is a bullish pattern that is often seen in technical analysis. It is formed when the price moves higher in a series of higher highs and higher lows, but the distance between the highs and lows is decreasing. This pattern indicates that the upward momentum is slowing down, which can lead to a price reversal or a consolidation period.
If the rising wedge formation continues to develop, it could lead to a price breakout to the upside. This would be a bullish signal for gold, indicating that the upward trend is likely to continue. However, if the pattern is not completed and the price breaks down below the lower trend-line, it could signal a reversal in the trend and a move lower.
Our economy will face difficulties in 2024, therefore please think about going with GOLD as one of your alternatives (Register FREE Quantum Metal account with my references). Good luck all.