XAUUSD Has had a growth filled year. We have amassed a current high of 2559 at the time of writing. I have two scenarios going into the election and next years prediction cycle.
1. Gold can either travel upwards of 2600 before a retest or retest downward first to the 2446 area. If 2600 happens first, expect a sharp drop to 2400-2300-2100. Giving XAU room to breathe, as well as a healthy correction cycle going into October and November.
2. Once gold has been bought by institutional investors, we can see gold target an all-time high of 2700 by the EOY or start of the new year. Goldman Sachs has had this prediction since the start of 2024. I’m targeting this level before a major sell off.
3. For the last three years I have tried to time a complete drop on gold as it is overbought in many ways. My first target is the 1980 area, then towards the 1744 area, and then onwards to the 1680 support zone that plagued the last 4 years. A break through that support would lead gold to 1571 as there is a gap from multiple years ago. If consolidation occurs we will be there for some time. This should adversely increase the prices of the stock market and other big tech companies.
This is just a prediction. Good luck 😉
Feel free to join my telegram chat where I post free trade signals weekly. Thank you.