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

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.

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