Higher goals in sight
A decisive rally over half of today will cause a continuation of the bullish trend. Gold would then be on its way to potential resistance indicated by a top trend channel line. Apart from the trendline, however, the next higher goal shows around $ 3,125. It is derived from an increasing ABCD pattern that starts from the interim interim swing low. A little higher from there is the extension of 261.8% of the bearish correction that started with the swing high of the late October. That price surface is followed by a small confluence zone around $ 3,169.
Third weekly bull pattern
This week is the third consecutive week of higher weekly highlights and higher lows, which started after two weeks of consolidation and the outbreak of an inner week. The high prior to consolidation ended seven consecutive weeks of higher highlights and lows. Adding an increasing ABCD pattern to the low point of December 16 and including the low point of the most recent pullback layer on 11 March, estimates a potentially initial target of the pattern at $ 3,177. Keep in mind that as the bull trend keeps on, there is the potential for a final shocked movement.
Bullish in the neighborhood monthly
Because the month of March only has one commercial day, it seems likely that the gold in a very bullish position on the time frame in the long term. Is this a prelude to what is coming or a sign that the price of gold went too far, too fast? For now, the expectation is for a higher price. That is why Intraday weakness is likely to be used by investors and traders to add positions or to open new positions in the precious metal. However, a persistent decrease under the low of $ 3,054 could change that.
Look for a look in all the economic events of today Economic calendar.