Wise
The next higher target for gold is at $ 3,079, defined by the confluence of various Fibonacci levels. And it can certainly continue to rise in view of today’s trend. After that price zone there is a start of 78.6% for the CD leg of an increasing ABCD pattern at $ 3,125. Otherwise view the area around the rising trend channel line, because this can mark a resistance area. After that, the next confluence zone is approximately $ 3,148 and $ 3,154.
Top channel line can be tested
Gold’s behavior around the lower trend channel line should tell, because it represents the top of a large rising parallel trend channel from a layer in October 2023. The greater the pattern, the more important the price level can be. There is also a shorter and current trend channel on the graph marked in the green. The top line of that channel is higher than the larger channel line. Note that the price level of $ 325 could be reached, even if the resistance was seen at the initial channel line. It depends on how the rise corner for the advance.
Daily close above $ 3,057 confirms Breakout
Regardless of the above bullish boards, a daily close to $ 3,057 is needed to confirm the outbreak. Gold should fall under the low point of $ 3,018 before they give a bearish signal. The 20-day Ma marks an important trend support area and will continue to do so if gold stays higher. Despite the possibility that the price is more extended, a projection of the nearest ABCD pattern (not shown) has a first target at $ 3,177.
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