Gold seems to have mellowed its pace a bit, but its promising bull run is far from over. The metal is now aiming for a new price high, the one that promises a spectacular new price target for the metal to explore and bask in. The gold price chart is showing new target formations, which, if manifested in the right form, could help gold explode in terms of gains and demand.
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Gold Forms Inverse Head and Shoulder Pattern: What This Means
Gold price is now heading for a new price case, as the metal’s chart indicates a new development in terms of its chart formation. Per Rashad Hajiyev, gold’s chart is portraying an inverse head and shoulder development, which, if materialized, could help gold breach $4.9K in no time.
Hajiyev was quick to break down the current price analysis, adding that if gold ends up compelling the head pattern, it could hit a new high of $4.2K. In the long run, the asset is on a path to claim a new high of $5000, if all goes well, and per the chart.
“Gold could be forming an inverse head & shoulders pattern. If yes, then $4.9k could be the next technical target. Once it completes the head of the formation, I expect gold to rally to the $4.2k level to form a left shoulder. Neckline would be considered an all-time high. The amplitude of the formation (recent decline) is $500, applied to the all-time high standing at $4,380, targeting nearly $4.9k. Gold could surely overshoot to a $5k target…”
Update on Silver
Apart from gold price analysis, Hajihe was quick to deliver a new price update for silver. The analyst shared how he believes silver has the power to hit $106 this cycle, once it completes its present consolidatory phase.
“My minimum target for senior silver miner SIL is $106 in the present cycle. SIL is presently forming a mid-cycle consolidation, similar to that of the 2016 and 2021 bull runs. The second leg of the bull run back then lasted 63 and 49 days, yielding 70% and 65%, respectively. If we take the average of the duration of the second leg of the 2016 and 2020 bull runs and apply them to the present price level (2025 mid-cycle), then we arrive at a $106 price target before the end of 2025 for SIL, which represents nearly a 70% gain…”
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