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  • Writer's picturePeet Serfontein

Analyst Thoughts - Gold Medium-Term

THE OVERSHOOT COULD BE JUSTIFIED, AS GOLD IS SERVING AS A NATURAL HEDGE AGAINST THE OVERHEATED EQUITY MARKET.


  • The symmetrical triangle pattern achieved its target with the recent peak price. Nonetheless, the prevailing conditions in the equity markets could potentially lead to an overshoot to $2 280 as gold as seen as a natural hedge.

  • A retracement to the symmetrical triangle pattern breakout level, approximately at $2040, would be considered justifiable and viewed as a healthy correction, labelled as wave w.

  • A second attempt towards $2 220 appears reasonable, acting as a corrective second wave, labelled as wave y.

  • A retracement and correction back to wave y (the long-term support trendline) appears plausible and will be perceived as an additional accumulation price level.

 


TARGET AND RE-ASSESSMENT LEVELS:

Pivotal levels: 22220 and 2040

Primary trend: Overlapping gains to 2220

Prevailing trend: Gains off 2280 back to 1970

Technical rating: Medium



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