Gold is currently testing support near 1,939, which isn’t a big surprise after trying to eclipse the all-time high near 2,070. However, this is not the last time gold has tried to break above the all-time high level and the next attempt could very well be successful. In that case, the next stop should be near 2,400 with high odds for a continuation higher to 2,700.
That said, another failure to break above the all-time high near 2,070 could lead to disappointment and shift the focus to a more prolonged corrective consolidation in gold that will drag on for another 6-7 years before the next push higher in wave V.
For now, we will have to patiently observe the price action near 2,070 and see if we get the expected break above here or not, to have a clearer idea of what’s in front of us in the years to come.
The material has been provided by InstaForex Company – www.instaforex.com
Gold is currently testing support near 1,939, which isn’t a big surprise after trying to eclipse the all-time high near 2,070. However, this is not the last time gold has tried to break above the all-time high level and the next attempt could very well be successful. In that case, the next stop should be near 2,400 with high odds for a continuation higher to 2,700.
That said, another failure to break above the all-time high near 2,070 could lead to disappointment and shift the focus to a more prolonged corrective consolidation in gold that will drag on for another 6-7 years before the next push higher in wave V.
For now, we will have to patiently observe the price action near 2,070 and see if we get the expected break above here or not, to have a clearer idea of what’s in front of us in the years to come.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: