Investor Sentiment Bullish as Gold Price Forms Higher Lows and N
Since October 2023, the price of gold has been in a stable upward trend, which has recently accelerated. The optimism seems boundless, with many investors expecting a gold price of around $2500 by the summer of 2024. We too are optimistic about gold, but anticipate a correction. However, we expect the gold price to surpass the $2200 mark beforehand. This is supported by a consistently bullish options sentiment, as well as the fact that the price is forming new highs and higher lows continuously. After today's price losses, we anticipate another rally is imminent, from which we can participate on the long side with a decent risk-reward ratio of around 1.1:1.
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We should reach our Take Profit within the next few days.