Gold just made a big splash above this key pink trendline

XAUUSD made a big splash and just got a new ath recently as it broke above this pink horizontal trendline for the first time. We can see since then it has created a big bear wick however so not so sure it will be able to maintain this pink trendline as solidified support or not. Once it eventually does hod this pink trendline as solidified support for a weekly candle or 3, that should likely be enough to trigger the breakout from this trendline…at that point the target gets pretty bullish. A correction would not surprise me if this big bearwick on the current candle closes as such but for the medium turn I would say gold is having some very bullish developments here. We can also see the recent death cross threat has been confirmed a fakeout and quickly reversed back into the golden cross formation…a great sign for prolonging its bull cycle. *not financial advice*

تعليق:

Im looking for the dotted green target of 2171 to get hit soon enough but that could possibly not happen until a brief correction…it’s interesting how price action got rejected off of the dotted green measured move trendline, as often happens these measured move lines end up providing either significant support or resistance and sometimes both. In due time we will not only hit this dotted green measured move target but also the dotted yellow and then onto the dotted pink!

تعليق:

Green target hit in march and dotted yellow target just got hit! Target Hit! Target Hit!

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Next bull target is the shorter dotted pink line at $2550