Gold is trading at the $1,946 level and is targeting the $2,000 psychological level after escaping from the descending channel. If you remember, I've told you in my previous analysis that XAU/USD should register a strong growth after breaking above the downtrend line, channel's resistance.
The price has accumulated, consolidated, attracted more buyers right below the $1,900 psychological level and now it seems strong enough to resume the upwards movement, uptrend.
Trading ConclusionThe aggressive breakout above the $1,900 and through the downtrend line has represented a great buying opportunity. The next upside target is seen at the $2,000 psychological level, while the major upside target is represented by the $2,075 all-time high.