XAUUSD Big upside potential


Gold is on a sustainable uptrend after holding the 1,780 Support following my buy update two weeks ago:

XAUUSD Channel Up + 1 extra Support towards 1875

This time I am putting things on a wider perspective and besides the two small Channel Up patterns, I’ve displayed the wider one that started with the August 09 2021 market bottom. As previously mentioned, the short-term target is 1875 (just below the 1877.50 Resistance and the 2.0 Fibonacci extension). When that broke during the previous short-term Channel Up, Gold reached both the 2.5 and 3.0 Fib extensions. Technically those are realistic long-term targets if the price breaks above the 1877.50 Resistance.

P.S. Always keep in mind the multi-month outlook on the 1W time-frame:

XAUUSD Major long-term break-out ahead.


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