Gold: Weekly Forecast 2nd January 2022
Gold rose for the 3rd week since it took off from the demand level at 1768.
As the price reaches a key resistance at 1829, little resistance is seen and thus could extend the rally going into the coming week.
The gold is expected to continue rising through the vacuumed area from the current 1829 to the key supply level at 1850.
This week, we will wait for a pullback towards 1818 to buy again and aim for the top of the entire symmetrical triangle, as well as the key supply level at 1850.
However, we also see a good chance of pulling deeper towards 1805 should the current trend continues to follow its whippy structure.
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As the price reaches a key resistance at 1829, little resistance is seen and thus could extend the rally going into the coming week.
The gold is expected to continue rising through the vacuumed area from the current 1829 to the key supply level at 1850.
This week, we will wait for a pullback towards 1818 to buy again and aim for the top of the entire symmetrical triangle, as well as the key supply level at 1850.
However, we also see a good chance of pulling deeper towards 1805 should the current trend continues to follow its whippy structure.
P.S. Give a thumbs up if you like our idea:)
Do follow us as we will be providing daily trading ideas as a continuation to our weekly forecast. Cheers!