XAUUSD (Gold) To 1834? Risk Hedges Are In Action...

Gold has had an extremely bullish run forward throughout October.

The market has created a solid bounce in between 1717.00 - 1721 at the start of the month, creating new key demand zones in the 1750 region.

On the 8th October the market tested a 1780.00 strong supply zone that has previously taken the market to the downside, the market decided to re-test the new 1780.00 support before continuing further to the upside creating new highs, making it a clear new bullish market emergence.

After the breakout of 1780.00 the market tested the next strong level of supply at 1800.00, allowing the market to test a minor support of 1760.00, we believe this was a strong liquidity grab to allow the market to accelerate and create new highs way beyond 1800.00, possibly towards 1834/1835.00 as there is clear bullish momentum in the market and has been for the last few days, there is a very high probability that the market will reach those levels.

The market has broken yet again 1800.00 ready to make moves up towards 1834.00 region, the market has also crossed the 20 AND 60 Day moving averages, adding extra confluence to this set up.

Let's see how this beauty plays, let's get these pips!

Happy Trading!
SGB Capital