- February 9, 2022
- Posted by: Tradingshot Articles
- Category: Commodities
Gold is on a sustainable uptrend after holding the 1,780 Support following my buy update two weeks ago:
This time I am putting things on a wider perspective and besides the two small Channel Up patterns, I’ve displayed the wider one that started with the August 09 2021 market bottom. As previously mentioned, the short-term target is 1875 (just below the 1877.50 Resistance and the 2.0 Fibonacci extension). When that broke during the previous short-term Channel Up, Gold reached both the 2.5 and 3.0 Fib extensions. Technically those are realistic long-term targets if the price breaks above the 1877.50 Resistance.
P.S. Always keep in mind the multi-month outlook on the 1W time-frame:
Tradingview link:
https://www.tradingview.com/chart/XAUUSD/xQrftI1M-XAUUSD-Big-upside-potential