Technical analysis

    GOLD – New bull market has started! | All-time high next year

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    Gold on the weekly chart
    • Gold has bounced successfully from the strong support level on the weekly chart.
    • As per my Elliott Wave analysis, an ABC correction (FLAT) + Wave (4) have been completed, so we can start a brand new impulsive wave!
    • On the weekly chart, we can spot a beautiful rectangle consolidation, which is a strong continuation pattern.
    • The price is above the 200 moving average. The 200 weekly MA is considered a very strong support area by huge institutions and hedge funds.
    • I think this will be the final impulsive wave and then we can go back to retest the rectangle from the upside.
    • You can place your profit target at the top of the parallel channel , but do not forget to switch to the LOG scale.
    • https://www.tradingview.com/chart/XAUUSD/0do21YVU-GOLD-New-bull-market-has-started-All-time-high-next-year/
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.