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Gold Worth Outlook Bullish as XAU/USD Approaches Key Resistance

GOLD PRICES OUTLOOK: BULLISH

Gold costs could proceed to rise as XAU/USD approaches key resistance Clearing the multi-layered ceiling opens the door to a different bullish spikeNonetheless, technical cues on a month-to-month chart are sending worrying indicators

Gold costs have risen just a little over three p.c after clearing the September descending resistance channel, across the similar time the valuable metallic clocked in six-year highs. XAU/USD is now hovering slightly below the 1532.01-1535 resistance vary (white dotted traces). If gold costs clear this space with follow-through, it might open the door to re-testing the multi-layered ceiling between 1551.96 and 1557.10.

Gold Costs – Every day Chart

Gold Daily Price Chart

Gold costs chart created utilizing TradingView

a weekly chart exhibits the XAU/USD has been on a gentle rise since late-2016, with the slope of appreciation steeping in Could 2019 earlier than shopping for stress surrendered and a selloff ensued. Following the bearish correction, the yellow metallic has made a restoration after bottoming out round 1445.82 (gold-dotted line), near the 23.6 p.c Fibonacci extension degree.

Gold Costs – Weekly Chart

Gold Weekly Price Chart

Gold costs chart created utilizing TradingView

Nonetheless, zooming out to a month-to-month chart exhibits what may very well be a discouraging image for gold bulls. Destructive RSI divergence present upside momentum since August has been ebbing whereas gold costs commerce above that month’s shut. Whereas this doesn’t essentially precede a flip decrease, the incongruity between momentum and costs could also be one thing merchants will start monitoring with better scrutiny.

Gold Costs – Month-to-month Chart

Gold Monthly Price Chart

Gold costs chart created utilizing TradingView

GOLD TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Forex Analyst for DailyFX.com

To contact Dimitri, use the feedback part under or @ZabelinDimitrion Twitter


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