In July, the gold price exploded and not only continued its upward trend that had already begun, but accelerated it once again. In just a few days, prices rose from around USD 1,800 to a high of just under USD 2,075. The bulls only paused briefly at USD 1,960.
However, this party had its price. Whenever everyone is afraid of not being there, such excesses occur and following these excesses there are always extended corrections. Even the entire rally profit can be pulverized.
Although gold has not yet come this far in recent weeks, the price has fallen noticeably in recent weeks. The previous correction low was reached at USD 1,848.74 in late September. There the precious metal was able to stabilize for a short time, but initially remained in the wedge formation.
Gold – The big target
In the medium term, gold has the chance to start another buying wave. In the short term, however, the resistance range up to USD 1,935 would have to be overcome sustainably. Only when this is achieved should the current consolidation/correction be over. The big target is then, of course, the all-time high at USD 2,074.98.