The gold market narrative has been driven by the contrasting effects of persistent high inflation and rising interest rates by central banks in response. With the U.S. dollar reaching a 20-year high, gold fell to a three-month low on May 13th. The commodity rebounded in early June and reached the highest price levels it has recorded since May 9.To estimate the potential of gold in the coming years, investors may want to consider setting up a Gold IRA to take advantage of the direction in which XAUUSD will move once the triangle is completed. Analysis of the price history of several instruments under similar conditions points to a more likely bullish breakout.
Once the upper edge of the triangle is broken, the target price will be located on the boundaries of the second global area, between 1950 and 2000 USD. A small pullback may then occur, but if the buyer is strong enough, the price may exceed the boundaries between areas 1 and 2, reach the previous all-time high of 2074 USD, and even update it. The next target will then be the level of 2350 US dollars.