Gold could rise towards 2100

Friday proved to be a positive day for XAUUSD bulls, as the price successfully surpassed the significant 2040 resistance level.
This level was distinguished by the descending trend line originating from the year's beginning, the horizontal resistance, and the neckline of the recently formed double bottom pattern.

Following the breakthrough, the price exhibited a rapid upward surge, swiftly reaching the 2060 resistance level. However, it subsequently experienced a decline, ultimately validating 2040 as a robust support.

As of the current moment, the price hovers around 2055, and the overall market structure is indicative of a bullish trend. Anticipating a future breakthrough beyond the 2060 mark, my strategy involves buying during price retracements with the objective of a subsequent ascent towards 2100.

My bullish sentiment persists as long as the 2040 support level remains intact.

Commentaire:

Gold reversed from 2050 zone.
A close near 2060 resistance reinforce the bullish outlook and most probably will lead to a break

Commentaire:

XauUsd is failing on tops.
I closed in break even