I’ve been bullish on XAUUSD since April.
The way in which gold rebounded following the March selloff was little doubt spectacular.
It additionally hinted at a bullish continuation, which hasn’t disenchanted but.
First, we had the break above 1680 on April 13th.
That breakout uncovered the 1750 resistance space.
After a number of weeks of consolidation, XAUUSD closed above 1750 on June 22nd, which opened the door to 1800.
The 1800 degree broke down on July eighth.
That brings us to this week’s value motion.
As you possibly can see, XAUUSD has been hovering simply above 1800 all week.
To be extra exact, the extent in query is 1795, which is identical degree I identified in final weekend’s video.
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Many thought Thursday’s selloff would trigger gold bulls to lose their grip on 1795 help, however discover that the market by no means closed beneath that degree.
As for subsequent week, I believe it’s going to take a every day shut above 1815 for the following leg greater to materialize.
However as I’ve said a number of instances lately, there isn’t a lot standing in the way in which of a run at gold’s all-time highs simply above 1900.
Which means a every day shut above 1815 from gold subsequent week may set off a $100 transfer over the approaching weeks.
We’ll have to attend and see how this unfolds, however that’s my base case so long as XAUUSD stays above 1795 on a every day closing foundation.