Gold () price surged to a fresh record past $2,900 Monday as President Trump announced 25% tariffs on steel and aluminum imports and i🧜nvestors brace for inflation data later th🎐is week.

The prospect of looming 澳洲幸运5官方开奖结果体彩网:trade wars continues to cloud the global growth outlook, prompting investors to flock to gold, a the 澳洲幸运5官方开奖结果体彩网:safe haven asset, as a way to hed🀅ge a🤪gainst increasing economic uncertainty. 

Gold’s next cue will likely come from this week’s 澳洲幸运5官方开奖结果体彩网:inflation data due on Wednesday. A weaker than expected reading would underpin the commodity’s rally by boosting 澳洲幸运5官方开奖结果体彩网:rate cut expectations, making non-🧜yielding gold more attractiveꦿ than its interest-bearing alternatives.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on gold’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify several important price levels to w🌳atch out for.

Symmetrical Triangle Signalsღ Bullish Continuation

Since breaking out above a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle last month, gold’s price has continued to move sharply higher, indicating a 澳洲幸运5官方开奖结果体彩网:continuation of the commodity’s strong uptrend.

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above the 70 threshold, though the indicator also points to 澳洲幸运5官方开奖结果体彩网:overbought cond▨itions, which could lead to near-term profit taking.ജ

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to project a potential upside 澳洲幸运5官方开奖结果体彩网:price target and locate several important 澳洲幸运5官方开奖结果体彩网:support levels where the yellow metal could attract buying interest during pullꦑbacks.

Measured Move Price Target

Investors can project an upside target by using the measured move technique, also known by chart watchers as the 澳洲幸运5官方开奖结果体彩网:measuring principle.

When applying the analysis to gold’s chart, we calculate the distance of the trend that preceded the symmetrical triangle and add that amount from the start of the commodity’s current move higher. For example, we add $502 to $2,596, which forecasts a target of $3,098, an area about 6% above current trading levels where the price may undergo a 澳洲幸运5官方开奖结果体彩网:consolidation phase.

Such a continuation move would also complete a basic 澳洲幸运5官方开奖结果体彩网:Elliot Wave pattern with five distinct swings playing out.

Key Support Levels to Eye

During 澳洲幸运5官方开奖结果体彩网:retracements, investors should initially eye the $2,790 level, a location on the chart that may provide support near the October peak, which also marksಌ the top of the symmet💜rical triangle.

The bulls’ inability to defend this level could see the price decline to around $2,530. The commodity finds a 澳洲幸运5官方开奖结果体彩网:confluence of support in this area from a brief consolidation period in August last year, the low of the symmetrical triangle, and the nearby 澳洲幸运5官方开奖结果体彩网:50-period moving average.

Finally, a more significant drop opens the door to the gold price revisiting lower support at the $2,430 level. Investors could look for 澳洲幸运5官方开奖结果体彩网:buy-and-hold opportunities in this region near the top trendline of a 澳洲幸运5官方开奖结果体彩网:rectangle that formed on the chart between April and July lℱast year.

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