Chart of the day: XAU/USD

Blake Morrow Forex Analytix

Gold bulls have been fooled into longs up at these levels on a few occasions since early summer. The difference today vs those other attempts as we have now broken a descending trend line that is drawn from the highs from August 2020 to today. Now, a sustained break (or daily close above) of the 1835 XAUUSD spot market could allow for a short squeeze towards the 1864 level, the 127% extension of the last move lower in Sept/October.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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