GOLD - New all-time-high soon! (Buy now)Gold looks extremely bullish in the short-term and also in the long-term. 5000 USD or 10000 USSD in the next few years is definitely very likely, but right now let's focus on the short-term price action.
We can see that GOLD is in a strong uptrend, and we can use a simple trendline tool to measure its strength. The price respects the blue trendline pretty accurately, and the uptrend is valid as long as this trendline holds. Of course, nothing lasts forever, and to be bearish, we need to wait for more confirmation.
It's always important to do an Elliott Wave technical analysis because markets always move in waves, not in a straight line. This helps us see the full picture of price action. As per my Elliott Wave count, we are in the final wave (5) of a major impulse wave of higher degree. This is something we need to take into consideration when establishing profit targets.
What is the profit target for this final wave (5)? Usually, what you want to do is take the Fibonacci extension tool and target the 0.382 or 0.618 Fibonacci extension. As you can see on my chart, I am expecting this wave to finish on the 0.382 fibo (at 2462), but I am also taking into consideration the next 0.618 fibo (at 2567). If you want to place your limit order as a profit target, place it slightly below these levels.
What will happen after we reach my profit target? I will show you in one of my next analyses, so make sure you follow my account! Let me know what you think about my analysis, and please hit boost and follow for more ideas about GOLD. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
