New Highs. Can the Gold breakout last?

4 gru 2023

Last week we had Gold XAUUSD as our chart of the day and it ended up surpassing all expectations past the 161% extension above the 2060 level and even to new all time highs. However, that rally was short lived after the open as all short stops have been done (executed). Now, the risk is the gold market has completed an Ab=CD equal leg move and the risk is a close below the 2000 level "late longs" stops may come into view lower. Not to mention, there is a lot of time left in today's candle. A bearish engulfing candle, or at least a bearish outside day will develop.