XAUUSD - upper trend channel boundary reached

FX_IDC:XAUUSD   黃金 / 美元
with current conditions on crypto & stock markets unchanged, we may come to see a little pullback of Gold             to around 1250, as we're approaching the upper boundary of XAUUSD's long term trend corridor at around 1.340. However, what we observed recently was not actually a "rally", just a minor move within the long term trend channel. All in all, I am maintaining my slightly bullish stance towards the pair, as I can't imagine any event capable to cause a setback below 1250. On the other hand, I can easily imagine a bunch of events capable to trigger a bullish break of the 0.32 FIB level of the contraction period 2011 - 2016 at around 1.400, which was unsuccessfully attempted in 2016. One of those events could be the burst of the crypto bubble, dealing strong blows also to soaring tech stocks. And even if no such thing is going to happen soon, the guy at the helm of the U.S. continues to be reason enough for global investors to put considerable amounts of resources to safest havens.

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