Welcome to Extreme Investor Network, where we bring you the latest updates and insights from the stock market, trading, and Wall Street. Today, we’re diving into the exciting world of gold trading and the bullish momentum it has been experiencing.
Gold has been grinding higher, with the path of least resistance clearly pointing upwards. A bullish breakout of a symmetrical triangle pattern on August 16 signaled the start of this upward trend. The purple 20-Day MA is on the rise and is poised to break out above the top triangle line, indicating strength in the gold market. The orange 50-Day MA is tracking closely with the internal uptrend line, highlighting key levels to watch as gold continues on its upward trajectory.
As we look at potential targets, the symmetrical triangle pattern points to a minimum anticipated target of 2,605 for gold. This measurement is based on the height of the pattern added to the breakout level. Additionally, there are earlier targets at 2,543 and 2,566 that investors should keep an eye on as gold makes its way higher.
While the chart for gold looks bullish, it’s important to note that there is always the possibility of a pullback before further gains. Near-term support is at 24.71, which is also a minor pullback within the rising trend of higher swing lows and higher swing highs since July.
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