Is it time to get off the train? Will gold crash or soar?

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Gold created a high volatility after reaching the $2,800 target and a pullback was delayed. Considering the U.S. election results and the upcoming Fed statement next week, prices could move in both directions in November. According to technical analyst AG Thorson, if gold makes a correction, the initial decline could be sharp. However, there is also a possibility that prices will continue to pressure towards $3,000. The analyst is looking at the big picture of gold by also benefiting from a historical perspective.

What's in the big picture of gold prices?

Bright metal confirmed a significant bull market breakout in 2024, leaving the $2,000 level in the rearview mirror. Long-term forecasts predict that gold has the potential to reach between $8,000 and $10,000 by 2030. Market dynamics are changing, and investors must take this into account. Over the past decade, gold has spent 80% of its time moving sideways and 20% rallying. Looking ahead, we expect it to spend 80% of its time rallying and 20% moving sideways.

The last breakthrough at this scale occurred in 2005/2006. I can imagine some investors regretting missing out on these prices by making less than $500 in profit. The lesson to be learned here is clear: don't jump off the train just as it's leaving the station.

How sensitive is gold?

Despite reaching $2,800 and the all-time high, searches for 'gold price' on Google are still below the peaks seen in the last five years. One reason we think prices will continue to rise is this.

Altın## What do the techniques show for gold?

After the closing above $2,800 yesterday, the gold prices caused a high fluctuation. Therefore, probabilities are biased towards a pullback. No one can predict how the prices will react to the upcoming elections and the Fed statement. A closing below the 50-day EMA in November (currently $2,644) will confirm a moderate pullback. Depending on the elections, a rally towards $3,000 continues to be a significant possibility.

The bull market in precious metals is just beginning. In this context, it is likely to continue until 2030. There is potential for gold prices to reach between $8,000 and $10,000. Therefore, don't lose your place as the train departs from the station.

The views and predictions in the article belong to the analyst and are not investment advice. We recommend that you conduct your own research before investing as Kriptokoin.com.

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