Forecast for Gold Prices: Reach a Record High of $2,721, with Higher Targets in Mind

Gold Prices Today (Friday)

Friday saw gold prices continue to rise, hitting a fresh all-time high of 2,721. As of this writing, the precious metal is still trading close to the day’s highs, meaning that buyers are still in control. Since the first breakout of a bull flag trend continuation pattern three days ago, the upward momentum of today’s bullish price action has improved. Compared to the previous three days, note the larger trading range today. Gold will be in a great technical position to attack higher potential goals if it closes well today on both the daily and weekly levels.

2,724 is the first target.

As indicated in purple on the chart, the first target zone is the starting point for a rising ABCD pattern at 2,724. It would be a clear place to start noticing opposition that may cause a retreat. The next item on the agenda is 2,754 if it is surpassed. When that price level is reached, the bearish correction that started from the March 2022 top has completed a 250% extended retracement. Additionally, pay attention to the rising trendline of the upper parallel channel, as it can offer more hints as the two price levels get closer.

The Bull Flag indicates 2,815

However, figuring out the bull flag’s measuring aim yields a higher possible target at 2,815 instead. After a successful test of support at the 20-Day MA earlier in the session, the flag’s breakout occurred. The launch pad was there. Additionally, there is a somewhat early objective at 2,797 that is a bit lower than the flag target. The bearish correction that started from the 2011 top at 1,921 will be retraced by 200% at that price level.

Observe the First Support at the 2,686 Breakout Level

On the down side, a drop below the current level of 2,692 suggests temporary weakness and may trigger a more significant downturn. Above 2,686, there was a breakthrough to new highs, making it a clear target to test as support. However, since there has only been one positive follow-through day, which was today, a deeper drop is likely if it occurs before new highs for gold. The 20-Day MA is going to be crucial. The 20-Day MA has performed well in locating a trend support region since it was regained on August 8. Consequently, it ought to keep doing so; if it stops, it is a red flag.

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