XAUUSD (gold) has reached our next target just above $1,900.
I wrote about this area in the May 20th commentary, along with the more significant $1,960 level.
Given the way XAUUSD is refusing to back down, I wouldn’t be surprised to see a breakout above $1,910 in the coming days.
That said, keep in mind that $1,900 to $1,910 is a minor area compared to $1,960.
I also think the breakout from the descending channel near $1,850 was a much better buying opportunity.
If XAUUSD can get above the $1,910 area on a daily closing basis, there’s a good chance we see gold run toward the $1,960 key handle.
A daily close above $1,960 would likely send gold back to all-time highs near $2,075.
Key support comes in at $1,875.
