Gold (XAUUSD) held the 1D MA100 (red trend-line) clear and last week make a strong 1W green reversal candle. The 1D MA100 is the metal’s most crucial long-term Support and the last two times it made contact with (February 12 2024 and November 13 2023), new Higher Highs where made.
Right now the price is coming out a consolidation (blue Rectangle) similar to the one that ended on February 12 2024 and was a Higher Low on the (dashed) Channel Up. The minimum % rise of a Bullish Leg within the long-term (blue) Channel Up has been +15.26%.
As a result, as long as the 1D MA100 keeps supporting, we will be bullish, targeting 2600 (a little below the +15.26% mark).
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