RLinda ! GOLD-> Exiting the correction. Strengthening further?

12 Mar 2023

Gold is rallying at the end of this week and thus giving us a hint of the end of the bearish correction. The instrument has gained only 0.8% over the week. What to expect in the coming session?

The price is in a fairly wide range. The support area falls at the Fibo level of 0.618 and a strong zone of interest and liquidity. The target was reached and the price tested this area, which caused a predictable reaction after the false breakdown - a 3.4% rise.
Since the correction is over, the price updates the local highs, which at the moment already play the role of a support zone, so we might see the futures price strengthening towards the Fibo 0.236 and retesting the resistance area of 1930-1935.
If the price goes in the direction of the fifth Elliott wave, then the medium-term and long-term prospect for us will be the testing of the global maximum and the Fibonacci level of 1.618 (Too positive scenario at the moment).

From the beginning of Monday's trading session, I will expect either a small pullback to the 1850 area or an opening with a gap up. The potential for the week I expect in the form of reaching short and medium term targets in the form of: 1890, 1900, 1925

Regards, R.Linda!

12 Mar 2023

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