Relevance up to 11:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Gold prices slipped through $1,830-31 on Thursday after producing a strong rally through the $1,847 high on Wednesday. The yellow metal is seen to be trading at around $1,833-34 levels at this point in writing and is expected to push through $1,885 and up to $1,920 in the next few trading sessions. Bulls are looking poised to hold prices above $1,824.
Gold prices are broadly unfolding a larger degree corrective wave towards $1,920. Furthermore, the metal has terminated its first and second sub-waves at around $1,880 and $1,805 respectively. Since then, bulls are progressing within the last wave higher towards $1,920. Also, note that prices have bounced off the Fibonacci 0.618 retracement around $1,825 of the lower degree upswing.
Gold is looking well poised to progress within the third wave rally as prices are now finding support close to $1,831-32. If the above structure holds well, the next potential targets are seen at 1,886 and $1,920 in the near term. Traders might be preparing to add further long positions around the current level ($1,833-34) against $1,805.
Trading plan:
Potential rally towards $1,920 against $1,781
Good luck!
