Gold with new pattern could reach to 2600 $ soon
User
Analysis: Metal: spot Gold (XAUUSD)
Price: $2298 per ounce
Technical Analysis: Buy
Trend: UP
Expected Scenario: Prices could starts upward movement again after the corrections last few days and ( fundamentally ) after the release of the Non-Farm Payrolls (NFP) news from the US, which was impacted negatively on the US dollar.
Additionally, the daily support level at $2286 pushed prices back up over $2300.
Technical Reasons: Prices hit the support level on the daily chart and rebounded. It's likely that the price will attempt to break out of the pattern mentioned on the chart (Flag & Pennant).
Consequently, prices may soon reach a new historical high around $2600.
Best of luck!
Analysis: Metal: spot Gold (XAUUSD)
Price: $2298 per ounce
Technical Analysis: Buy
Trend: UP
Expected Scenario: Prices could starts upward movement again after the corrections last few days and ( fundamentally ) after the release of the Non-Farm Payrolls (NFP) news from the US, which was impacted negatively on the US dollar.
Additionally, the daily support level at $2286 pushed prices back up over $2300.
Technical Reasons: Prices hit the support level on the daily chart and rebounded. It's likely that the price will attempt to break out of the pattern mentioned on the chart (Flag & Pennant).
Consequently, prices may soon reach a new historical high around $2600.
Best of luck!