GOLD Futures Technical Analysis: Gold is currently testing its support level and pushing further to the upside. In my opinion, there is currently no reason for concern.
Gold Market Analysis
Gold is currently testing its support level and pushing further to the upside. In my opinion, there is currently no reason for concern. Ideally, the 1961 level should hold, as below that level, it would get a little bit critical. Let’s align the count again, starting from the swing low printed on February 27th, which I count as a wave 2. Looking at a wave 1 to the downside, which peaked on March 20th at $2014, followed by an ABC structure down. I have moved back the wave 2 to where it was previously, as I believe it fits better. The third wave rally is expected to be the heart of this rally, and it should go absolutely crazy.
The gold market is likely following a wave 1-2, another 1-2 setup, and a second 2 setup. As soon as the market reaches 2064, the third wave rally will occur, resulting in a value of around $2500. If we drop below 1863, we may look at a more bearish outlook. However, for now, I am focused on the upside against the support levels mentioned.
Short and Long-Term Values
I am looking at a short-term value, and if we continue to push higher, this move up will eventually reach around 2500. If we continue pushing higher, it would create a large first wave that would mark the end of a significant cycle for gold. The pullback could go well into the $1000 dollar region. The target for the third wave top is $2300 to $2400 at the moment, depending on sub-wave structures.