Gold prices Soared To Six-Month High,What's Next?

The gold’s record high finally arrived on Monday. After the gap up, the gold price is currently at 2152, which is significantly higher than the previous high, which means that a new bull market rising to 2200-2300 has started.

For precious metal traders, whether the confirmation of the trend can bring silver to make up for the rise may be a trading opportunity that can be paid attention to in the next stage.

After half a year's correction of the previous triple top form of gold futures, the current breakthrough is very ideal in both price and time period, so the probability of effective breakthrough is far greater than false breakthrough.

Long ago, according to the long-term graphic structure of gold, we predicted that the ultimate goal of gold price in this big bull market can be seen at least 2200-2300, and if the market extends, it may point above 2600. With today's start, there is a chance to see gold prices record double-digit increases again in 2024.

Compared with gold, although the performance of silver has increased to some extent in the past few weeks, the fact that the price of silver has been continuously suppressed below the key resistance makes it clear that silver has no motivation to make up for the increase now.

In fact, before the early core suppressed the 30 integer mark,Silver also faces several weekly/monthly resistance levels: 26.4-27.5-28.9, which can be described as a long road resistance. But this does not mean that silver has no chance at all.Judging from the performance of historical silver, the characteristic of late arrival still exists. At this stage, if silver can appear a big positive line to sweep away all the above resistance, its rising opportunities will be greatly enhanced. But as far as trading is concerned, the priority of gold is definitely higher than that of silver.

Compared with gold and silver, the triangle interval has not changed, and it is the same as expected in the previous update, and it will rebound after touching the support. However, as the scope of transactions has become narrower and narrower, it is only a matter of time before the final direction is chosen.

According to the arrangement meaning of the form itself and the previous upward market, the probability of going up is greater than going down. If correct, it will match the pattern that gold is strong and silver is weak. On the contrary, if the ratio of gold and silver is confirmed to be broken, it may imply that the silver market will catch up with gold.

Now that the medium and long-term direction is clear, it is not necessary to adjust the long-term position, just wait for the flowers to bloom. On the downward side, the lows of 1823 and 1800 in October can be regarded as triggers for reversal start, and it is safe to fall below the previous long-term cattle.

In the short-term and medium-term trading, gold investors can see if they will step back on the breakthrough and correct the action. The area formed by 2085/2050 is expected to become a new core support platform, and it is possible to find right-hand transactions with long/long positions on dips.

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