Posts 23-month new highs following breaking through 200-week MA
7-7-16
XAU @102.50 – bullish – Posts 23-month new highs following breaking through 200-week MA
XAU extended the strong rally from the 77.99 low (May 23, 2016 weekly low) through 93.66 (May 2, 2016 high) and the 200-week moving average (currently at 92.17) to post new 23-month new highs. Further upside opens 106.01 (July 2014 monthly range high) and then 115.21 (August 2013 lower high, near 38.2% of the 232.72/38.36 entire 5-year fall (December 2010-January 2016)).
The 93.66 range high near the 200-week moving average reverts to support. Only a return below the latter would suggest consolidation towards the 77.99 area .
Outlook:
Daily: bullish
weekly: bullish
Monthly: bullish
XAU @102.50 – bullish – Posts 23-month new highs following breaking through 200-week MA
XAU extended the strong rally from the 77.99 low (May 23, 2016 weekly low) through 93.66 (May 2, 2016 high) and the 200-week moving average (currently at 92.17) to post new 23-month new highs. Further upside opens 106.01 (July 2014 monthly range high) and then 115.21 (August 2013 lower high, near 38.2% of the 232.72/38.36 entire 5-year fall (December 2010-January 2016)).
The 93.66 range high near the 200-week moving average reverts to support. Only a return below the latter would suggest consolidation towards the 77.99 area .
Outlook:
Daily: bullish
weekly: bullish
Monthly: bullish
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.