Will Gold Hit $3,000 or Crash Below $2,850 ?
Will Gold Hit $3,000 or Crash Below $2,850 ?
Will Gold Hit $3,000 or Crash Below $2,850 ?
Will Gold Hit $3,000 or Crash Below $2,850?
K Karthik Raja (Market Educator & Technical Analyst)
MCA | MBA | M.Com | MSc Psychology | PGJMC | CST | MDAT | CFA Pursuant Chart Pattern Analysis
- Uptrend with pullbacks: The price is in a broader uptrend, forming higher highs and higher lows.
- Support zone: Around 2870-2850, acting as a base for recent bounces.
- Resistance zone: Near 2950-2960, where price has tested multiple times.
- RSI (Relative Strength Index at 55.74): Neutral to slightly bullish.
- Momentum (100.71): Slightly above 100, confirming mild bullish strength.
- Volume analysis: Increasing during upswings, confirming buying interest.
Dow Theory Perspective
- Primary trend (long-term): uptrend
- Secondary trend (medium-term): sideways/range-bound with bullish bias
- Minor trend (short-term): higher lows and higher highs formation
Upcoming Events to Watch
- US CPI & FOMC meeting – inflation data will impact gold prices significantly.
- Geopolitical events – safe-haven demand could drive gold higher.
- USD strength – a strong dollar could cap gains, while a weaker dollar could fuel rallies.
Final Takeaway
- Bias: bullish unless price breaks below 2850.
- Entry zone (buying): around 2880-2900 with a stop-loss below 2850.
- Profit targets: 2950, 3000, 3050.
- Risk management: 1:2 to 1:3 risk-reward ratio.
Breakout Strategy (Bullish)
- Entry: buy above 2955 (confirmed breakout).
- Stop-loss: below 2925.
- Targets: 3000, 3050, 3100.
- Confirmation: RSI above 60, volume surge, MACD crossover.
Breakdown Strategy (Bearish)
- Entry: short below 2850 (support breakdown).
- Stop-loss: above 2880.
- Targets: 2800, 2750, 2700.
- Confirmation: RSI below 40, strong bearish candle, high selling volume.
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always consult a professional before making investment decisions.
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