Gold monthly 20.03.24

Gold monthly 20.03.24

Gold price forecast today

Gold price forecasts today and long term, analysis and trading signals for financial speculation using economist WD Gann’s technique.

Weekly Gold history chart with technical framework

Short-term Gold Price Forecast

With the Set Up weekly expiration of October 13, 2023, we witnessed a strong bullish recovery in the Gold market.

The price correction that started in the week of May 19, 2023 ended right in the time frame expiration of October 13 near the ascending 1X4 angular support.

Gold’s new positive acceleration in October 2023 signaled the conclusion of an initial bullish phase and the emergence of a second upward movement that is now evolving.

The weeks following the Set Up weekly of October 13 and November 24 pushed Gold prices to new absolute highs in a very short time:

from a low at $1,832 prices reached a high at $2,146 or $314 in about eight weeks on December 15.

This strong bullish acceleration compressed the size of the price, which was rebalanced in the following weeks with the emergence of a long trading range.

As we can see from the picture above from the top of December 15 last year, prices alternated in a narrow range between $2,100 and $2,000 for a full 10 weeks.

The Minimum Square expired on March 1 marked the end of this laterality to restart the bullish trend.

In fact, we witnessed a new positive acceleration that pushed the Gold market to a top at $2,195.

The next trading signal coincides with the week March 29, 2024.

For prices above the weekly top of March 23, the Gold market will continue the short-term propulsive phase: resistances in area $2,230; $2,264

While the negative retracement will have area supports of $2,087; $2,071.

Medium-term Gold price trend

In the slide just above, the medium-term bullish corridor consisting of the ascending 1X2 angles in yellow can be seen.

The end of the medium-term correction in September 2022 coincided with the passage of the Zero 1X2 angle, which also formed strong support in October 2023.

From the November 2022 Monthly Set Up, Gold started correlating positive returns again, generating a new up trend that pushed prices to the median part of the corridor.

With the bearish out-side of May 2023 on the April Monthly Set Up, the new trend shifted to corrective until the expiration of the Range Square of October 2023, a period when the yellow metal realized a bullish out-side.

The new uptrend is ongoing to this day and the next trading signal will expire in April-May 2024.

Next resistances in the $2,260-$80 area, while negative retracements will have the $2,125 area as supports.

Quarterly Gold Price Technical Analysis

As evident in the slide just above, the Gold market is in the middle part of the long-term bullish channel.

In the last quarter of 2023, prices of the yellow metal resumed their upward trend, reversing the dynamics of the trend in a bullish direction.

The double Square of Minimum expired in the first quarter of 2024 confirmed the positive recovery of quarterly yields.

Next resistances in the area of $2,295; $2330; dynamic supports in the area of $1,980.

This paper was produced using the WD Gann technique and with Top Trader(c) stock market software.