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XAU seems supportive to a bullish argument.
XAU broke out of the main resistance line a few days ago and have since retraced to test the line and in the process formed the right shoulder of and inverted H&S which we broke out of yesterday starting what I figure is wave 3 of (3).
The monthly chart of XAU shows the large wedge formed over the last 9 years and the small break out in may at "6" which was stopped by the Jan fib bottom in 1993, could very well be the prelude to a larger move, such a wave 3 move.
Let's file these posts under "predictions" and see what it looks like in 6 months...
I am back Tuesday to review comments, if any
Have a nice weekend
Stig
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