Chart of the day: XAU/USD

Blake Morrow Forex Analytix

Gold Breakout. Can it last?

Last week we had Gold XAUUSD as our chart of the day and it ended up surpassing all expectations past the 161% extension above the 2060 level and even to new all time highs. However, that rally was short lived after the open as all short stops have been done (executed). Now, the risk is the gold market has completed an Ab=CD equal leg move and the risk is a close below the 2000 level "late longs" stops may come into view lower. Not to mention, there is a lot of time left in today's candle. A bearish engulfing candle, or at least a bearish outside day will develop.

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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