As we know Over the past few days, gold has been moving in an upward trend, which is an indication that the demand for the precious metal is increasing. Recently, gold reached a high of 2032 and then retraced, forming what is known as a "cup and handle" pattern. This pattern is a bullish indicator and suggests that the price of gold may continue to rise in the near future.
Currently, the price of gold is very close to its neckline, which is at 2020. If the price breaks above this level, it could signal a further increase in demand and a continuation of the upward trend. To determine potential price targets for gold, technical analysts often use tools such as the Fibonacci retracement tool.
By drawing Fibonacci levels from the recent swing high to the swing low, analysts can project potential price targets for the asset. In this case, the Fibonacci tool is indicating that gold may make a new high at 2050, which represents a 1.5% Fib ratio. If this projection holds true, it could be an excellent opportunity for traders to capitalize on the upward momentum and potentially profit from a rise in the price of gold.
Currently, the price of gold is very close to its neckline, which is at 2020. If the price breaks above this level, it could signal a further increase in demand and a continuation of the upward trend. To determine potential price targets for gold, technical analysts often use tools such as the Fibonacci retracement tool.
By drawing Fibonacci levels from the recent swing high to the swing low, analysts can project potential price targets for the asset. In this case, the Fibonacci tool is indicating that gold may make a new high at 2050, which represents a 1.5% Fib ratio. If this projection holds true, it could be an excellent opportunity for traders to capitalize on the upward momentum and potentially profit from a rise in the price of gold.