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Spotted a textbook bullish setup on the weekly Gold chart using the Ichimoku Cloud 👇✅ Price is above the cloud – indicating a strong bullish trend.✅ Chikou Span (Lagging Line) is above the cloud and the price – confirming upward momentum and price strength.This alignment suggests a high-probability buy opportunity according to classic Ichimoku strategy.Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

The gold market has recently experienced a notable correction lower, but here’s why it’s crucial to view this as just a correction:📊 Chart Highlights•The market held above the base of the cloud on the daily chart and bounced cleanly off it.•The recent low found support at the 20-week moving average.•Gold remains above the 23.6% retracement of the entire move up since November 2022.💡 These technical factors suggest the market is likely to have resumed its bullish trend. My upside target of $3100 remains intact—a level we’ve had in place for some time and reiterated just a month ago.Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

When markets reach all-time highs or lows, it can be tricky to forecast where they're heading. Today, let’s focus on the gold market and how to approach markets when they hit all-time highs.Here's my method:1.Use of Historical Channels: In this case, I’m looking at a 13-year channel on the monthly chart. I use the breadth of this channel to measure potential upward movement. This analysis has provided me with a long-term target of $3,100 for gold.2.Fibonacci Extensions: These are a crucial tool as well. I've identified three Fibonacci extensions that fall between $3,029 and $3,100, which align closely with the target derived from the channel analysis.Together, these techniques give a clearer picture of potential market direction when heading into uncharted territory.Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

The gold market has been buoyed by a weaker US dollar, reaching all-time highs. Currently, it is in a consolidation phase, and the divergence in the daily RSI suggests this may continue in the near term.However, as long as the uptrend from February 2024 at 2415 and the 55-day moving average at 2402 hold, a positive bias remains intact. We also note a long-term Fibonacci extension indicating resistance at the 2850 level. Additionally, analysing the channel width on the monthly chart points to a long-term target of 3000+, a level we first discussed in mid-May. Our bullish outlook on gold has been consistent for some time.This is not investment adviceDisclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

Gold might not seem too exciting right now—it's been moving sideways without much direction. However, when you check the weekly chart, you'll notice something interesting. The past 6 weeks of sideways movement actually appear to be a consolidation phase above the previous range, suggesting that the market is poised for an upward breakout.I'm focusing on the recent peak at 2431. If we surpass this level, my target range is between 2560 and 2630 (based on Fibonacci extension and the top of the range). However, the ultimate long-term target is set much higher, around 3000 or more. This projection comes from measuring the width of the previous 13-year upward channel and extending that from the breakout point.

Gold price action looks exhaustive near-term Much has been said over the weekend regarding gold's move higher and we have taken a look at this this morning. First point to make is that we have 2 major levels of resistance - the first is the old high at 2070 and the second is the top of a major up channel that extends back to 2011, this is located at 2106 and only a close above here would indicate potential for further gains presently. N.B. this would need to be a weekly close at the minimum or two daily closes. Currently price action today is looking like a blow off top (A Blow-Off Top represents the climax of an uptrend, characterized by a rapid and excessive rise in prices, followed by a sudden and sharp reversal). It will be important to see where the market closes tonight, but given price action so far it is looking likely. For now we suspect the market will come back into sturdied support seen in around 1980. Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

Update on the longer term outlook for Gold The market has recently bounced off its 200-week moving average and the outlook remains bullish longer term. We highlight the upside potential and take a closer look at the 12-year up channel. Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

Gold needs to go back on to your radar, not only has the market halted at the major resistance 2070/91 (2022 high, top of the 12-year up channel AND Fib extension) BUT it is threatening to chart a key monthly reversal.Should we see a monthly CLOSE below last month's low of 1949 this will be a key month reversal. For a likely top, these happen when a market trades higher than the previous months high BUT closes lower than the previous months low.You might want to tighten up stops or at the very least keep a close eye on this market.Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

The strong rebound from its long term moving averages continues to suggest the bull move remain in charge. Longer term targets are the 1960 recent high and the 2070/90 region, which is the high we got back in 2022 and also the top of a 12 year channel (see monthly chart).Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

The key week reversal and break of a 2-month uptrend all point to a deeper sell-off for the gold market short term.Disclaimer:The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.