Pro Charts: Stocks & ETFs

Gold Near Term Bearish, Long Term Bullish

Updated: May 06, 2024 | Published: May 05, 2024
Verified Investing
By Verified Investing
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.