Gold extended wave three

Mthokozisi Mpofu Knars Capital

The chart below shows gold trading lower since 8 March 2022. We believe the bottom is in at 1620 - we have started a gold rush to new highs above 2072. We are looking for a pullback around 1860 to 1850 as our key, support this coming week.

Once in that zone and it holds we can start looking for reversal patterns as an entry point for a long position. The next target would be 2070 to complete the extended wave iii and an early exit position before the market moves lower.

Another opportunity to go long will come when the wave iv correction is complete around 1900.

Key news events to look out for:

Tuesday 7th February Fed Chair Powell Speaks.
Friday 10th February Prelim UoM Consumer Sentiment.

Key Res: 1937; 1948; 1960.
Key Sup: 1900; 1880; 1870.

Author

Mthokozisi Mpofu

Knars Capital

Mthokozisi Mpofu is the Managing Director of Knars Capital Pvt Ltd, an investment advisory firm helping African SMEs secure growth capital and become investor-ready.

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