2022 Gold rush- 3k in the long term?

Gold is in very high demand these days and there is not only the war besides this recent rise but a lot of fundamentals. However, in this post, I will look at it only from a technical perspective.
Looking at the weekly posted chart we can see that after breaking above the resistance of a 6-year long range, Gold accelerated its gains and reached a new ATH at 2075, a 7k pips gain or around 50%.
A year and a half correction and consolidation followed with a bottom at 1680, higher than 1560 important support, giving us a clear clue of the long term bullishness.
Coming in this year, we can see that after breaking above 1830 important resistance at that moment, Gold accelerated its gains and gained 1500 in a short period and now is trading just under 2k important figure.
Considering the 50% gain after the 1375 break we can expect the same, that would put Gold at 3k in the long term

Looking at a shorter TF (H4)


We can see that since the beginning of February the trend is clearly up and now the price is consolidating.
I expect a break above 2k soon and the old ATH at the 2075 zone can be the target for swing traders.
A break under 1760 would ONLY delay this bullish scenario, not change the overall trend.


Good luck!
Mihai Iacob