XAUUSD, Every day
The resurgence within the Gold value (XAUUSD) within the final month has been a narrative of a development winding itself up.
The break of $1235, a key resistance and 38.2 Fib stage, was step one, and the 200-day MA and psychological $1250.00 got here subsequent and proved extra resilient. However a powerful breach of this stage on December 20 solely held at $1265 and the 50.zero Fib stage for two days.
Final week the GOLDEN RATIO 61.eight stage at $1286 was breached for the primary time because the yellow stuff moved into overbought territory, with RSI flashing at 78.78. $1300.00 appeared inevitable, however has been a step too far for now. Nevertheless, the 50-day and 200-day EMA look to be heading for a key Golden Cross, however like $1300 not but.
After such a powerful rally to the 61.eight stage and the inevitable bout of profit-taking, a major retrace to $1265 and the important thing 200-day transferring common can’t be discounted, however a breach of $1300 and $1305 would put $1320 as the subsequent goal stage.
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Head Market Analyst
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