Gold price today and expected price in the coming period

Introduction.

If you are a follower of Adel Onsi Mohamed's Blog (The Arabic blog) and the technical analysis provided in it about Gold, you may remember the following statement, which was mentioned in the last article on gold and was entitled (Technical analysis of gold (gold trend and gold price forecast)), in which the following paragraph was written:

Breaching the level of (2070 dollars/ounce) upwards leads to a giant bullish and giant bullish target starting at the level of (2400-2500) dollars per ounce approximately, and the technical analysis of gold is updated then to identify the next bullish targets.

Technical analysis of gold.

Therefore, in this report, we will shed light on the expected rising goals in the coming period, mentioning and specifying the necessary conditions for achieving each of those goals.

Gold chart - Monthly time scale.

Gold is now standing at the end of the Friday session, 1/12/2023 at the level of 2070 dollars/ounce, which is a very important resistance level currently. By breaking through this level, gold has an ascending target in the range of approximately 2455 dollars/ounce. Gold has formed a simple technical pattern that branched off from another large technical pattern and both need to be confirmed.

No Patterns without Breaching (Up/Down).

First (small) technical Pattern:

It is a sideways price channel located between the level of 2070 dollars/ounce down to the level of 1696 dollars/ounce, so the breach of the upper border of this channel by breaking through the level of 2070 dollars/ounce up is a buy signal to reach the upside target in the range of 2455 dollars/ounce, and do not forget to emphasize that the breakthrough of the level of 2070 dollars/ounce up must be with a long Japanese candlestick with a large trading volume.

Since the sideways Price Channel is moving between two limits, the lower border of this channel of 1696-1600 USD/Oz is currently the Stop Loss level.

Second (large) technical Pattern:

The second technical pattern, which is also subject to a breakout of the $2070/oz level upwards, is the Cup with Handle pattern, which dictates the need to follow the $2070/oz level by confirming the breakout, and then following the second bullish target, which is approximately 2696 dollars/ounce. Then the third upside target is around $3068/oz.

Since bullish targets are themselves bullish resistance if reached, expect to find profit-taking at the first resistance level, which is the first bullish target level, which is the level of 2455 dollars/ounce. Then the second resistance level at the second ascending target, which is the level of 2696 USD/OZ. Then the third resistance level at the third bullish target, which is the level of 3068 $ / ounce, stresses that all three targets are conditional on breaking the level of 2070 USD/OZ and stability above it as the attached chart is higher on the monthly time scale.

Note:

This article is a translation of the Arabic article mentioned/written on my Arabic Blog Adel Onsi Mohamed's blog.