Gold is waiting to test $2075, But correction is a must.

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Gold started this week with an upside gap like the last week and tested above the $2002 price zone.

Last week's high was $1970, and the gold price is stabilizing above the $1970. So from the present rate, $1970 will work as minor and near-term support.

So, in the short-term picture, if gold is correct, nearly $1970/1980 zone may be a buying opportunity, and stop-loss should be below $1970 price zone and near term target $2075.

As $2075 is an all-time high rate, significant correction is necessary. From my 14 years of gold trading experience, I can say a correction is a must from the $2075/2095 price zone. It may be a significant correction because of profit-taking.

Based on the weekly and monthly chart, it says, if the gold price goes correction the all-time high price zone, it may correct to the $1930/1900 price zone, then it will continue its uptrend again till the 2330 price zone if the Rusia-Ukraine war and NATO countries sanctions exist.

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We have updated our gold's weekly charts and analysis. Let's check it out...