Gold Market Update
The gold market has recently experienced a notable correction lower, but here’s why it’s crucial to view this as just a correction:
📊 Chart Highlights
• The market held above the base of the cloud on the daily chart and bounced cleanly off it.
• The recent low found support at the 20-week moving average.
• Gold remains above the 23.6% retracement of the entire move up since November 2022.
💡 These technical factors suggest the market is likely to have resumed its bullish trend. My upside target of $3100 remains intact—a level we’ve had in place for some time and reiterated just a month ago.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
📊 Chart Highlights
• The market held above the base of the cloud on the daily chart and bounced cleanly off it.
• The recent low found support at the 20-week moving average.
• Gold remains above the 23.6% retracement of the entire move up since November 2022.
💡 These technical factors suggest the market is likely to have resumed its bullish trend. My upside target of $3100 remains intact—a level we’ve had in place for some time and reiterated just a month ago.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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