I call it a “Bull Era Canary in the gold mines!”. There’s a massive inverse H&S base pattern on this chart and the right shoulder itself is another inverse H&S.
Gold is taking off. There is a lot of interest surging in gold, which sets the market up for a reaction. You're over the Bollinger bands, and that can mean you are overbought.
Spot gold prices are projected to hit all-time highs of approximately $3,000 per ounce by 2025. This bullish outlook is supported by potential interest rate cuts, growing geopolitical concerns and a rise in portfolio diversification,
Gary Savage explains how market sentiment translates into trending moves on the chart. He says silver has reached the ballistic phase of an intermediate rally, and retail traders will start piling in.
Once through $2,700 successfully, $2,800 is next for gold. Targets are up to $3,050. Many are stating considerably higher targets, except at this stage there is little evidence to support that.
