IAU - Gold: This Breakout Is Unambiguous (Technical Analysis)
2024-03-13 02:51:40 ET
Summary
- Gold prices have broken out to a new all-time high, signaling the end of a 13-year correction and consolidation phase.
- The weekly chart suggests a medium-term price target of USD 2,535, with the potential for even higher prices in the longer term.
- The sentiment in the gold market is still neutral, leaving room for further price increases.
- With Chinese citizen as well as the People's Bank of China being on a buying spree, the gold price is now made in China.
8+Gold is up 10.6% over the last four weeks. Many market observers and investors alike are somewhat puzzled, trying to find a reason that triggered the new record high at USD 2,195. However, we have been writing about the coming breakout for many months.
Review
After a sharp two-month rise to a new all-time high of USD 2,149 on December 4th, the gold market experienced a sharp pullback to USD 1,973 in the final weeks of the old trading year, followed by a rapid recovery to USD 2,088. To digest this overall quite tumultuous market activity, gold prices entered a slow and confusing sideways phase since the beginning of the year. This was necessary to calm down the overbought situation after this rollercoaster ride....
Gold: This Breakout Is Unambiguous (Technical Analysis)