XAUUSD Channel Up + 1 extra Support towards 1875


Gold is being sold aggressively following Powell’s comments on the expected inflation yesterday, despite being considered a counter-inflation asset. Technically that sell-off can be attributed to the chart I posted 1 week ago on the selling pressure that the top of the long-term Triangle applies:

XAUUSD Major long-term break-out ahead.

On the shorter term and the 1D time-frame, Gold has formed a very structured Channel Up. That is similar to the pattern of late September – October, which eventually broke to the upside and reached as high as the 3.0 Fibonacci extension. In case of a breach there is a last Support involved, which on November 03 gave the final bottom before the rally. We have set a medium-term target of 1875 (just below the next Resistance) for the next Higher High.

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