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Gold Breakout. Can It Last?

Published 12/04/2023, 02:14 PM
XAU/USD
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GC
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Last week we had Gold XAU/USD 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 opening as all shortstops 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. XAU/USD-Daily Chart

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