XAUUSD made a bullish break-out, one last barrier left to break.

Apr 13, 2022

We saw Gold (XAUUSD) trading sideways last week but this Monday broke above the 1966 short-term Resistance:

As per our trading plan, that was a short-term bullish break-out signal that should be enough to test the 2010 level. We have this as the long-term bullish break-out level, above which Gold should target the 2.0 Fibonacci extension of the long-term Channel Up and our target zone will be 2085 - 2120.

Another strong bullish development is the fact that the price rebounded once it touched the 1D MA50 (blue trend-line) for the first time since February 07. As long as the 1D MA50 supports, the trend should continue to be bullish and even a rejection on the 2010 invalidation level, should get a second chance at breaking it.

We have a bearish break-out signal if the price closes below the 1915 short-term Support. Another closing below 1880 will be another sell position for us, targeting the 1D MA200 (orange trend-line).

Important Note:
The 1D MACD just formed a Bullish Cross. Inside the past 12 months, this has been a bullish signal 5 out of 6 times.


--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------