GOLD (XAU/USD): detailed breakdown and long-term target

Firstly, taking a look at the WEEKLY timeframe chart on the left-hand side of the screen, it can be clearly noticed that the price has nicely rejected the important zone of support illustrated on the graph that lines up with the golden zone of Fibonacci. Zooming into the 8-hourly timeframe graphic, it can be inferred that the price has broken the upper boundary of the sideways moving range with really powerful bullish candles and the price is now ready to keep rising to the upside. There is only one zone of potential resistance which is the area of $1966, from where the price can print some short-term bearish moves before continuing its growth. However, our long-term target is set at the ATH price and we are pretty positive that there is a high chance the price will reach that mark in the long-run.

Have a great trading week, everyone!