Gold - Gold ingot and nuggets by New Africa via Shutterstock
A closer look at the intraday price action of gold shows an incomplete recovery from the 2485 swing low, which marked the completion of the triangle earlier this month. Before we can confirm that the current bull run for metal can even come to some late stages, we need to see five waves up, and so far, that hasn't occurred yet. Therefore, we should be prepared for more upside, with a possible break above 2600 potentially happening this week, after the next wave four retracement. Support levels to watch are between 2564 and 2570. A break below 2529, however, would strongly suggest that the top is in.
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GH
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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