I remember sharing a bearish chart for Gold Spot (XAU) in May... This one is now invalid as the bears have lost control.
Looking at Gold Spot (XAUUSD) as it is now, the bulls have the upper hand and a possible breakout will happen soon.
Back in March, all the EMAs were tested as support. Support has been confirmed as prices quickly jumped back up.
Now we have what I call 'strong consolidation' taking place.
We have prices consolidating near ATH... We also have strongly bullish indicators (RSI and MACD).
EMA50 (the bold magenta line) was tested just two weeks ago... But any selling during this period was quickly bought up. All that is left now is for prices to jump.
This brings up a new question, how far up can it go?
If XAUUSD can move to pass $1750, we are likely to see $1815 next and even more.
Up to $1920 is possible on the next jump... Do you have a different opinion? Do you agree?