Gold should be able to move a bit higher to test the 161.8% extension target at 1,799 before a temporary corrective set-back gets underway for a move towards 1,728 and then higher again towards 1,912 and 2,070 as the next upside targets. However, in the longer term, we are looking for much higher levels with a rally to at least 2,400 and more likely closer to 2,700.
For now, a small rally closer to 1,799 and a correction to 1,728 are expected to follow before the next big move higher.
Relevance up to 07:00 2022-11-18 UTC+1 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.
