XAUUSD target hit. Now expect a 2100 reversal.

Gold (XAUUSD) hit this morning our long-term 2260 Target, which we called for on our March 2021 (see chart below) idea:


That not only made a Higher High formation at the top of the 5-month Channel Up that started on the November 03 2023 Low but also hit the symmetrical 1.382 Fibonacci extension as the last Higher High on May 04 2023.

This has indeed been a long rise for Gold, which is now looking ahead of an equally lengthy correction, assuming the Channel Up and its top stay intact. If they do, we expect a 6-8 week pull-back below the 1D MA50 (blue trend-line) and towards the 0.618 Fibonacci extension from Gold's last Low.

That gives us a 2100 Target, which could make contact with the 1D MA200 (orange trend-line) for the first time since November 13 2023.


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