{"id":58438,"date":"2023-04-04T11:48:55","date_gmt":"2023-04-04T15:48:55","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=58438"},"modified":"2023-04-04T11:49:37","modified_gmt":"2023-04-04T15:49:37","slug":"gold-and-tesla-bulls-check-barriers","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2023\/04\/gold-and-tesla-bulls-check-barriers\/","title":{"rendered":"Gold And Tesla: Bulls Check Barriers"},"content":{"rendered":"

Last month, I presented three potential scenarios<\/a> for the future price of gold in an earlier Gold Update<\/a>. <\/p>\n

In the poll, most of you chose the green path, which suggested an extended period of consolidation for the yellow metal. However, it appears that the blue (straight bullish) and black (similar to the pattern observed in 2017) paths are more accurate, as the green path is no longer viable.<\/p>\n

\"Gold<\/a>
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Source: TradingView<\/a><\/em><\/center><\/small><\/p>\n

In just two weeks since the last update, the price of gold futures has increased by $160 or nearly 9%, reaching a high of $2,015 on March 20th. This surge in price caused the previous top at the blue B point of $1,975 to be broken, but the price has since been consolidating around this level.<\/p>\n

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The price of gold futures has formed a triangle pattern (purple) characterized by falling peaks amid rising valleys. The size of the pattern is relatively small, and last week, the price attempted to break out of the pattern to the upside but was unsuccessful. <\/p>\n

As a result, the upside potential of the move may be limited due to the small amplitude of the pattern. <\/p>\n

Based on the black dashed uptrend channel, the resistance around $2,100 could limit the upside potential for gold futures. <\/p>\n

The black path, which is based on a 2017 sample, suggests that the move to the upside may reach up to 73% of AB move. To illustrate this, 73% of AB move has been added to the chart, and it is located at $2,072, which is slightly below the uptrend's resistance around $2,100.<\/p>\n

In order for the price of gold futures to continue its bullish momentum, it will need to break through the double barrier mentioned earlier. This will clear the path for the blue target of $2,170. <\/p>\n

However, if the triangle pattern breaks down, it could trigger a bearish move and lead to a test of the downside of the uptrend at around $1,870. It remains to be seen which path gold will take in the coming days and weeks.<\/p>\n

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Which way do you think the gold futures price will go?<\/strong><\/p>