In our blog post dated 14 October 2018, we wrote, “If the price of Spot gold (XAU/USD) Market in the coming week i.e. week number 42 (from 15.10.2018 till 19.10.2018) goes above 1,226.5 level then it can be considered to go up further”.
As per our above price objective writing for Spot Gold in our blog post dated 14 October 2018, price indeed went above the mentioned level of 1,226.5 level in the said week number 42 (from 15.10.2018 till 19.10.2018) and closed at the level of 1,226.8 with a high price printed at 1,233.4 level. Point to be noted here is, both the prices (close price as well as high price) of Spot Gold actually went above our mentioned price level of 1,226.5.
Exactly as per our price objective writing for Spot Gold in our blog post dated 14 October 2018, price indeed went further up and now the price of Spot Gold is at 1,255.8 as shown in the weekly chart.
We have highlighted the bullish reversal candles for Spot gold in the weekly chart as
1> Bullish “Piercing Candle” plotted in 20-August 2018 which was week number 34,
2> Bullish “Morning Star Candle” plotted in 17-September 2018 which was week number 38, and
3> Bullish “Engulfing Candle” plotted in 01-October 2018 which was week number 40. After this, there was no looking back. It is continuously printing higher peak on 22-October 2018 which was week number 43 and higher troughs on 12-November 2018 which was week number 46 and another one on 26-November 2018 which was week number 48.
In this blog post for Spot Gold, we have highlighted the future price objectives of Spot Gold at
- 1,287 as price objective level 1,
- 1,321.4 as price objective level 2, and
- 1,349.9 as price objective level 3 as marked in the above weekly chart.
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