Gold Price Forecast: Valid Support Leads to $2,471 Target Christopher Aaron
Another good article Check it out CYA: SE Gold has just witnessed a successful support test of a critical level which keeps the technical model bullish until proven otherwise. In this article, we will detail the technical test just witnessed, and what the expected outcome will be for gold as long as support continues to hold. First a look at the support test which has just occurred within the last two weeks. Gold Support Holds Note the primary rising support for gold (blue line), which began exactly four years ago, at $1,180 per ounce in August 2018. This rising trend of buying pressure was tested on no less than four occasions through mid-2019, after which gold began to rise more aggressively toward its 2020 peak of $2,074 per ounce. Markets have a way of coming back to test long-term trends, and this is exactly what gold has done over the past two weeks. Certainly expectations for a peak in the Federal Reserve’s interest rate hike cycle are already factoring into gold, as the marke
