Weekly Gold Flag Pattern Predicts Long-Term Target of $2,900 - FX.GOLD.Crypt. アウトプット報告

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Weekly Gold Flag Pattern Predicts Long-Term Target of $2,900

Technical Overview:

Gold has definitively broken out of its range-bound market, attaining new all-time highs and signaling an end to its horizontal consolidation phase. This breakout indicates a broader upward trend and suggests the potential for robust gains in the coming months. Technically, gold has been in an uptrend since the beginning of the year, with a pause from mid-April to mid-July. This pause was triggered by uncertainty surrounding potential rate cuts by the Federal Reserve, resulting in a price correction. Despite potential resistance, the fundamentals strongly support further price increases.

Long-Term Flag Pattern:

From February to April, gold saw a vigorous rally, followed by a three-month correction between $2,275 and $2,450. The weekly chart displays a classic bullish pattern, with a flag pattern indicating a continuation of the trend. Technical analysis suggests the long-term target suggested by this flag pattern is $2,900, just below the psychological level of $3,000. While it may take time to reach this target, it will shape the scenario for the coming months. Intermediate resistance is expected at $2,600.

Short-Term Momentum:

The overall trend continues to be bullish; nonetheless, traders are watching support levels that could potentially trigger bullish momentum and offer opportunities to initiate new trend-aligned positions. However, a swift break below the $2,450 level could weaken the current upward wave, suggesting a short-term correction as the market searches for support to reignite the uptrend.

Potential Reversal Patterns:

A newly emerged reversal pattern below $2,450 would be a more serious warning, indicating a lack of follow-through on the breakout and potentially leading to a period of consolidation or a deeper correction. Short-term support levels are at $2,430 and $2,400. A break below $2,400 would shift medium-term momentum to bearish. Such a momentum shift would become pronounced if bearish news emerged or if expectations of Federal Reserve rate cuts unexpectedly changed. Market participants should closely monitor these levels and news developments, as they could signal a change in market direction.

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