Gold
(GCZ24)
December
The chart is key to this analysis.
This is what we said in our last post on Barchart on 9/21/24 Gold 2775.00 target
The lows between 8/22/24 and 9/9/24 held the 2514.00 major Gann square before going on to new highs.
In our last update we said to use the 2578.40 major Gann square as the swing point for the week once it closed above it. Wednesday and Thursday came back to test it and it has now closed above the 2639.40 major Gann square.
We will now use 2639.40 as the swing point for the week.
The short term target above is the next major Gann square at 2706.50. The long term target that we have had since August remains at 2775.00.
This week's low held the 2639.40 major Gann square and swing point for the week (Monday's low was 2638.60), the rally from it hit the short term target at the 2706.50 major Gann square. We can now watch some of the Fibonacci retracements to see just how strong, or weak this market is. You only have to look at the chart to see how many highs and lows came at major Gann squares to see how important they are.
Use 2706.50 as the swing point for the week.
Above it, look for the long term target and next major Gann square at 2775.40.
Below it, look for the area of 2578.40 and 2561.00, this is a major Gann square, 38.2% back to the 6/10/24 low and 23.6% back to the February low. Any setback that holds the area of the 2639.40 major Gann square and 23.6% back to the 6/10/24 low at 2626.00 keeps the trend extremely positive and new highs can quickly follow.
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