New record daily final race
A new record high of $ 2,943 was reached on Tuesday and it was followed by a withdrawal to the low point of Wednesday of $ 2,864, where support was seen. And the level of support was indicated by a rising trend line. In other words, resistance of the trend line was broken during the advance and a pullback finds support with that earlier resistance line. This is bullish behavior and typical of an advancing trend. Given the subsequent bullish behavior today, the potential for new trend heights sees more possible before a withdrawal.
Higher goals
There are a few initial higher goals on the radar. An extensive target for an increasing ABCD pattern (not shown) is $ 2,981. It is the extension of 200% of the bearish correction of the Oktoberpiek. Then a little higher is the next target of $ 2,982, which is identified by two measurements. With two indicators that point to the same price surface, that area can be more important than the previous level.
Also be aware of the top trendline that previously represented dynamic resistance. If gold continues to rise, it will be a target, along with the aforementioned price levels. And, in case the next higher level is above $ 2,982 only $ 3,012. Could the whole number of $ 3000 be in the game for gold?
Week can end Bullish
Finally, there is a day before the week and gold probably seems to close Bullish, in the upper third part of the trade range of the week. That would put it in a bullish position on the way to next week and increase the chance that higher goals will be achieved.
Look for a look in all the economic events of today Economic calendar.