novvoll12
Long

Posts 23-month new highs following breaking through 200-week MA

INDEX:XAU   PHLX Gold/Silver Index
XAU
23 0 2
xau
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

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