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