DU09

XAU/USD - Major Breakout, Path to $2,800! 😎

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold broke out from the pennant in blue and this may be the start of a major rally upwards.

The first key resistance will be found at around $2,000.

Once that turns into support, I don't see why Gold can't just FOMO towards $2,800.

Why $2,800?

It is the next major Fib level that also coincides with a nice impulse sub-wave 5.

The macro picture and world events also support this case. I mean, you can't have 8% "official inflation" and expect Gold to crash. Real inflation is probably twice that. Or the threat of war looming in Europe without big investors hedging some of these risks.

Why not buy some Gold if BTC is too "volatile". Hence the current price action.

Plus, Gold had a nice consolidation since 2020, it was time for some action and volatility .

Before 2022 ends, Gold should comfortably sit above $2,000 if the above hypothesis is true.

Let's see where this takes us.

Like and follow if you liked my idea!

πŸ“£ Join my exclusive crypto community & follow me on Twitter / YouTube! πŸ‘‡ LINKs BELOW πŸ‘‡

β˜‘οΈ Exchange trading ideas & discuss crypto trends
β˜‘οΈ See real trades and wins explained
β˜‘οΈ Join a 3,000 strong community! πŸ‘

πŸ₯‡ Likes and follows appreciated! πŸš€
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.