XAUUSD: Weekly target exceeded, 2M trend active

Gold surged and moved past the first weekly target, but there's time left until the week starting on August 19th, to move higher. The 2 month per bar timeframe shows the clearest trend signal, which is the one calling the shots it seems, in the big picture. The targets are on chart, in blue, as long as we hold over 1276.51, for the next 24 months, Gold can rally higher and higher, towards 1588, at the very least. This makes any daily or weekly oversold situation and interesting buy entry, once it's clear sellers are exhausted after any short term decline.

RgMov in the long term chart broke the all time high reached in 2011 in $XAUUSD, this is a really significant strength signal, and I think this might be the start of an even larger trend in gold, so I'm keen on buying big into it during July-August, if we do retrace.
Gold mining and physical gold ETFs will be extremely profitable to long once we get the next retrace. I'll be watching attentively...My clients will get the best possible long entry, with the highest risk/reward and win rate once I'm confident we have it.

Cheers,

Ivan Labrie.

Trade active:

We bought into $XAUUSD when it started showing strength after retracing.

Price now breaking out, RgMov in all timeframes confirming the strength behind this move. Brace yourselves, this may be an explosive trend.

Trade closed manually:

Looks like long term resistance is in control in #XAUUSD, funds positionig is very large, net long...I think this might have been the top for precious metals, long term...simply exit long, it will be profitable to be long stocks and maybe even short gold:

Trade active:

Maybe we can buy back give that there was no follow through down, a not too tight stop below today's low would work.

If it makes a higher daily high it would be a good sign to add.

Comment:

Strong action, H&S short sellers likely to get squeezed: