Crinklebine
@t_Crinklebine
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Crinklebine
Gold Spot Price (XAU/USD) - Monthly Chart AnalysisThis monthly chart of gold (XAU/USD) displays price action from the late 1990s to the present, with key levels and a measured move projection.Key Observations:Current Price Action: Gold is trading at approximately $3,041, after a strong breakout from previous resistance.Major Support Levels: Historical support levels are marked around $1,921 and $252, representing key price zones from past market cycles.Measured Move Projection: A potential measured move target is plotted at approximately $3,595, indicating a possible continuation of the uptrend.Previous Bull Runs: The 2000s rally saw gold rise from sub-$300 levels to over $1,900 in 2011, followed by a correction and a consolidation period before the next leg higher.Breakout Confirmation: The recent price action suggests gold has surpassed its previous all-time high and is accelerating in momentum.Volume Trends: Increased trading volume in recent months indicates strong market participation, possibly confirming institutional interest.Potential Scenario:If gold follows the measured move projection, it could extend toward the $3,595 level, aligning with historical price behavior and technical targets.
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