Extreme Investor Network: Gold Maintains Strength and Shows Signs of Heading Higher
Gold has shown strength in the market, with the second highest weekly closing price historically. This indicates a strong trend that may continue in the coming days. The weekly chart also shows a bullish hammer candlestick pattern, suggesting underlying strength for the week. However, gold is approaching a significant resistance zone around the double tops of 2,478 and 2,484, the record high.
As gold heads towards this week’s high of 2,459, a breakout above 2,437 will signal further bullish momentum with a target at the weekly high. The consolidation pattern forming near the top of the trend indicates a potential upside breakout in the near future. The 50-Day MA has converged with the lower line of the pattern, providing key support at 2,371. While a downside move is possible, the first lower target is 2,347, completing a falling ABCD pattern.
Stay updated on all economic events with our economic calendar to make informed investment decisions. Keep an eye on gold as it continues to show strength and potential for further upside movement in the market. Join Extreme Investor Network for more insights and analysis on the stock market, trading, and Wall Street trends.