Weekly Comment (3.2.2020 – 7.2.2020)

 

The XAUUSD (gold) uptrend that began in 2018 continues to look healthy.
We caught the breakout that occurred on December 23rd with a final target of 1550.
In that forecast, I mentioned how the uptrend was still intact, and that a break above recent consolidation could target 1580.
Based on Friday’s close, gold may be on its way toward 1610. But just like some of the other pairs in today’s forecast, the break higher will be contingent on Monday’s open.
If XAUUSD can stay above that 1580/90 region, we could see a move to 1610.
Alternatively, a gap down on Monday could signal weakness, but it isn’t something I would short given the strength of this latest rally.

 

Monthly Target for February 2020 is +3.800 PIPs

Posted: February 2, 2020 at 8:54 pm