Gold rallies toward the 2,594 to 2,605 zone, supported by strong technical patterns. Key support levels and targets indicate potential for further gains in the short term.
Short video with explanation;
According to the movie, we had a rectangle that’s turned into an ascending triangle and a decisive bull has broken out of an alphabet pattern that swung low in June!
…. And the text reinforces that Bruce Powers at FX Empire thinks gold’s going OK as geometry and bullish horsepower wins over superstition?
….At least that’s what I think the analysis here comes down to .
However one reads it, the gist is these guys think gold is good to go
And what a great climate it is for Simon to be on tour in the USA with the Dalgaranga portals opening even as he speaks - recruiting more to that band excited about and following the Spartan team’s trek towards the treasures of the deep ..
What an adventure eh?
(And I can see I’m really going to have to reign in my lyrically waxing confirmation biases! )
cheers and happy weekend (and rest of September) to all !
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Next Target Zone is 2,594 to 2,605
There are two patterns pointing to the 2,594 to 2,605 target zone.
The first price level marks the completion of a rising ABCD pattern (purple) that begins from the June swing low and is extended by the 127.2% ratio.
Then, the second level of the range is the initial measuring objective for the symmetrical triangle pattern that gold broke out of on August 16.
Decisive Bull Breakout Trigged
Yesterday’s bullish breakout ended a three-week tight consolidation phase above support of the symmetrical triangle. Recently, the purple 20-day MA has been tested and held over multiple days, and specifically yesterday, the breakout day. The breakout was decisive, and the day ended near the highs of the day.
Second Target Zone from 2,594 to 2,605
Although signs of resistance may be seen around 2,594 to 2,605, an eventual breakout through that price zone is likely. If it occurs, the next high price zone to watch for signs of resistance is from 2,650 to 2.661. It includes the completion of a smaller rising ABCD pattern at 2,660 and two Fibonacci extended targets.
There is a 161.8% extended target for the larger ABCD pattern (purple) at 2,661. Moreover, the long-term target level is 2,650.
It marks a 227.2% extended retracement of the bearish correction that began from the March 2022 swing high.
Of course, there are high possible targets but first let’s see how gold manages the first two.
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