Where Gold Might Rally To Next


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Where Gold Might Rally To Next

-- Published: Thursday, 27 February 2020 | Print | Disqus

By: Carolyn Boroden

Gold has potential upside to 1709.41 in the futures (GC) as long as two support areas hold. There's initial support at the recent low near 1626, and a wide cluster of support at symmetry projections between 1614.80 and 1621.30.

As long as price holds above one of these two zones, we can begin to look at buy triggers. If price breaks beneath there, we'll back off until further notice and wait for the next set-up.

But those two areas would be a natural place for gold to potentially resume the rally.

I also ran timing projections off of the last high in gold, and timing points right at where we made the low around 1626, another argument for the low being in.

The only problem is that we also need to clear a cluster of Fibonacci extension resistance between 1652.20 to 1657.30 in order to reach the 1709.41 target.

See more of our analysis on gold/GC as well as on SPX, ES, Nasdaq/NQ, TLT and oil/CL in our video here.

Carolyn Boroden, also known as the "Fibonacci Queen," is an analyst at ElliottWaveTrader.net, where she covers U.S. equity indices, precious metals, and individual stocks based on her unique Fibonacci analysis.

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-- Published: Thursday, 27 February 2020 | E-Mail | Print | Source: GoldSeek.com

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