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Analyst Thoughts - Gold Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • Jan 18, 2024
  • 1 min read

POTENTIAL FOR AN OVERLAPPING PRICE ACTION.

  • A KL upward formation could continue to T1/P, followed by downside to Q.

  • The PQ formation seems incomplete with further overlapping gains to T1/T2, as illustrated.

  • A break below S0* will neutralise the immediate upside potential with extended downside to Q.

  • It is unlikely that the market will extend beyond T2/P.

 

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TARGET AND RE-ASSESSMENT LEVELS:

Pivotal levels: S0*

Primary trend: Overlapping gains to P/T1

Prevailing trend: Gains off L to P

Technical rating: Medium



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