Gold Near Term Bearish, Long Term Bullish
Gold topped out above $2,400 just weeks ago. The surge was nearly 20% from the breakout of $2,075. This breakout was nailed by Verified Investing Pro Trader Gareth Soloway, who had been alerting to the coming breakout for months prior.
However, when gold topped out above $2,400, Gareth quickly pivoted to a near-term bearish stance due to a major topping tail, followed by a drop and bear flag.
His long-term targets remain intact, $2,500 this year and $3,000 in 2025. However, near-term support of $2,200 seems likely first. Max downside target would be back to $2,075 (though less likely).
These levels would be strong support and buying opportunity.
Ultimately, gold is a buy-the-dip opportunity for investors per the current probability chart setup.
This article is intended for informational and educational purposes only and does not constitute financial advice. All trading involves risk. Past performance is not indicative of future results. Trading involves substantial risk. All content is for educational purposes only and should not be considered financial advice or recommendations to buy or sell any asset.
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