Technical Analysis of Gold Price – Long-Term Perspective
Gold is currently in the peak phase of a major impulsive wave within this cycle, showing no signs of weakness in the short term. The price continues to exhibit a strong upward trend, moving within a clear technical structure. It is important to note that this analysis does not focus on the specific time period but rather on the trend and cycle. This approach offers a clearer understanding of the market dynamics and helps identify the broader direction of the price.
Short-Term Pullback
Gold is expected to experience a pullback to the zone between $2470 and $2430 before resuming its upward trend. This area represents a key support zone where the market may find renewed buying interest and continue its impulsive wave.
Impulsive Wave Toward $2700-$2750
Following the pullback, the price is projected to enter a new impulsive wave, targeting the $2700 to $2750 range. This area marks the next significant resistance level, and a consolidation phase could be expected here.
Consolidation and Potential Breakout to $2970-$3000
After reaching the mentioned range, the price might consolidate between $2700 and $2970. The key resistance level is at $2970-$3000, and a breakout above this level could signal a significant price rally.
Expected Correction to $2550-$2250
If the market fails to hold above $2970-$3000, a correction towards the support levels between $2550 and $2250 is possible. This correction could present a new buying opportunity before the final impulsive wave begins.
Final Impulsive Wave Toward $3500-$3870
The last wave of this cycle could push gold prices to new long-term highs in the $3500 to $3870 range. This phase is likely the final impulsive move before a more substantial correction or long-term consolidation occurs.
Time Aspect
While the specific time frame is not the focus of this analysis, it is important to highlight that gold is entering a "discovery" phase, where prices are moving into uncharted territory. As a result, price behavior becomes increasingly unpredictable. Therefore, this is a general outlook of gold, with no precise timing provided.
Disclaimer:
This analysis is provided for educational purposes only and reflects my personal view of the market. I am not a financial advisor, and anyone considering trading or investing should conduct their own analysis or consult with a licensed financial advisor before making any decisions. Trading carries significant risk, and each individual is responsible for their actions in the market.
Short-Term Pullback
Gold is expected to experience a pullback to the zone between $2470 and $2430 before resuming its upward trend. This area represents a key support zone where the market may find renewed buying interest and continue its impulsive wave.
Impulsive Wave Toward $2700-$2750
Following the pullback, the price is projected to enter a new impulsive wave, targeting the $2700 to $2750 range. This area marks the next significant resistance level, and a consolidation phase could be expected here.
Consolidation and Potential Breakout to $2970-$3000
After reaching the mentioned range, the price might consolidate between $2700 and $2970. The key resistance level is at $2970-$3000, and a breakout above this level could signal a significant price rally.
Expected Correction to $2550-$2250
If the market fails to hold above $2970-$3000, a correction towards the support levels between $2550 and $2250 is possible. This correction could present a new buying opportunity before the final impulsive wave begins.
Final Impulsive Wave Toward $3500-$3870
The last wave of this cycle could push gold prices to new long-term highs in the $3500 to $3870 range. This phase is likely the final impulsive move before a more substantial correction or long-term consolidation occurs.
Time Aspect
While the specific time frame is not the focus of this analysis, it is important to highlight that gold is entering a "discovery" phase, where prices are moving into uncharted territory. As a result, price behavior becomes increasingly unpredictable. Therefore, this is a general outlook of gold, with no precise timing provided.
Disclaimer:
This analysis is provided for educational purposes only and reflects my personal view of the market. I am not a financial advisor, and anyone considering trading or investing should conduct their own analysis or consult with a licensed financial advisor before making any decisions. Trading carries significant risk, and each individual is responsible for their actions in the market.
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