XAUUSD is starting its new bullish leg to at least 2100.

5 Jun 2023

Gold (XAUUSD) hit the 1D MA100 (green trend-line) again and this is technically completing the bottom phase that we called for 3 weeks ago (see chart below):

Our trading strategy hasn't changed, that was our long-term entry, bottom on the Higher Lows trend-line of the 7 month Channel Up and target a Higher High at 2100. Potentially, if it repeats another +10.60% rise, ut can even go as high as 2140. Regardless of that, this appears to be the start of the new bullish wave to a Higher High. Even the 1D RSI is on perfect symmetry with the February 02 - March 08 correction (bearish wave).

A 1D candle closing below the 1D MA100 however, thus the Channel Up, can potentially accumulate more selling pressure and accelerate the decline towards the 1W MA50 (red trend-line) and 1840.

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