Welcome to Extreme Investor Network, where we provide you with valuable insights and analysis on the stock market, trading, and Wall Street. Today, we are excited to discuss the latest developments in the market, specifically focusing on gold and its potential for a bullish rally.
The recent breakout of a symmetrical triangle consolidation pattern has set the stage for gold to continue its upward trend. With a new record high of 2,532 reached last week, the next upside target for gold is around 2,543. This target will complete a rising ABCD pattern and could easily be surpassed, leading to a long-term ascending ABCD pattern target in the price zone of 2,595 to 2,605.
However, it is important to note that surprises can happen in the market, and a deeper retracement may occur before a breakout to new record highs. If support at 2,471 fails to hold, gold could dip to at least the 20-Day MA at 2,452 before finding support.
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