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Wednesday, March 20, 2024 5:29:59 PM
By: Bruce Powers | March 20, 2024
• Gold's breakout from a bull wedge signals a potential rally to higher targets, with buyers showing enthusiasm for further gains.
Gold broke out of a small bull wedge on Wednesday following the U.S. Fed decision on rates. It was a decisive breakout with gold looking like it is ready to head to higher targets. Given the sharp 7.7% rally prior to the wedge formation, a similar level of enthusiasm from buyers may be seen again. Now that the consolidation phase is complete, today’s bullish price action is indicating such a scenario.
![](http://responsive.fxempire.com/v7/_fxempire_/2024/03/a-screen-shot-of-a-graph-description-automaticall-12.png?func=crop&q=70)
Current Leg Up Potential to 2,320
It is possible to see some degree of symmetry between the new leg of the uptrend that started today, and the rapid advance that started before the consolidation wedge formed. This can be one way to estimate a potential target. Since there is no prior price action to consider, key price levels to watch need to be determined by other methods. Symmetry occurs when the price distance in the second leg up relative to the wedge pattern matches the distance in the first leg. Also, when there is a Fibonacci relationship seen in the second leg relative to the first.
The first leg is being measured from the beginning of the sharp move. A price of 2,039 was used in this case. It results in a potential target of 2,320. That target is higher than two earlier Fibonacci confluence zones. However, those two price zones are identified by only two Fibonacci measurements. More confluence would produce a price zone with greater significance. The first Fibonacci zone is from around 2,235 to 2,246, and the second from 2,277 to 2,298.
Signs of Strength
As noted previously, the existing breakout into new highs for gold that began last week has just started. This could be the beginning of a multi-year advance, if not a multi-month advance. That means that market participants will likely need to get aggressive and stay aggressive if they want to participate in these early stages of the advance. Entry setups may not last for long before price moves again. Gold is on track to end this March with its highest monthly closing price on record, which will provide a new confirmation of strength, and on a long-time frame chart.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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