How Long Can Gold Rise? what is the Next Target?

Gold has already broken its trendline resistance, and more upside bias is coming soon. But we have to be cautious that gold has reached its swing and profit-taking zone and have to consider Russia's reserves.

Of course, gold has more room for going upside, but don't forget Russia has enormous gold reserves and might have to tap those if it's cut off from the global financial system. So, gold must go in some correction to the downside from the current zone.

From the present rate, gold may test $1950/1960, and then I expect it will go to correction till the $1908/1915 price zone. In my last article, I did mention gold's first target is $1908/191. This target has already been done. Our second target was $1950/1960. Thou high tested was $1848, I mean nearly our second target.

SO, after testing our second target, I expect gold to drop first nearly to its immediate support level of $1908/1915 level, then gold will rise again if the Russi-Ukraine crisis exists.

So, I am expecting a correction though gold has broken above the trendline resistance. So, it would be too costly if you buy at this current level. SO, wait for the correction and buy again.

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Commentaire:

We have updated our gold charts and analysis. Lets check it out.

Trade fermée: cible de profit atteinte:

Downside target reached