On the Advanced Pro Charts, the recent breakthrough of resistance levels by #gold marks a significant development in the market dynamics. This event has sparked anticipation among traders and analysts alike, as it sets the stage for a potential 1,2,3 pattern to emerge. The projected target of 204.38 indicates a crucial juncture where a wave 4 correction may materialize, potentially paving the way for the next bullish phase that could propel gold towards the coveted $2500 mark.
Furthermore, technical indicators such as CHOCH, which is showing positive momentum, coupled with the price being above the 20-day simple moving average (SMA), signal a strong bullish sentiment in the market. Additionally, the consistent formation of higher lows underscores the underlying strength in gold's current uptrend. This is further supported by the fact that the price is holding above key support levels, reinforcing the bullish outlook for gold in the near term.
Overall, the confluence of these technical factors paints a compelling picture for gold's future price action, with the potential for a wave 4 correction to act as a springboard for the next leg up towards the $2500 target. Traders and investors will be closely monitoring these developments to capitalize on potential opportunities in the market.
Chris
Head Coach & Trader for over 30 years
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