The price of gold continues to rise rapidly and is establishing new highs in the past week at $1991, with an increase of almost 600 pips. It can be seen that gold is aiming to end the week with a fairly high number, approaching the $2000 mark.
On the analysis chart: Gold has the potential to form 5 Elliott waves, with a support level coinciding with the 0.5 - 0.618 Fibonacci level. If wave 5 is completed as expected, the price next week could potentially reach $2030 after breaking out of the $2005 peak.
On the analysis chart: Gold has the potential to form 5 Elliott waves, with a support level coinciding with the 0.5 - 0.618 Fibonacci level. If wave 5 is completed as expected, the price next week could potentially reach $2030 after breaking out of the $2005 peak.
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