XAUUSD completed Bull Flag, Looking For Rally $1218
Updated
XAUUSD Technical Overview:
Pivot: $1202.25
Key Resistance: $1208.45 - $1212.00 - $1217.89 - $1222.24
Key Support: $1202.25 - $1198.45 - $1195.55 - $1192.00
Technical Indicator:
Chart Pattern: Bullish Flag Completed, looking for upside direction.
RSI: Indicator shows upside bias.
MACD: MacD having upside momentum.
Moving Avg: SMA100 ($1199.02) & SMA55 ($1198.27) strong support for Gold.
Technical Most Likely Scenario: long positions above 1202.25 with targets at 1208.50 & 1212.50 in extension.
Technical Alternative scenario: below 1202.25 look for further downside with 1198.00 & 1192.50 as targets.
Fundamental:
Gold markets were very noisy during trading on Wednesday, as we continue to see a lot of volatility around the world. The US dollar got a bit of a beating during the day as James Bullard suggested that an inverted yield curve could cause a recession. Everybody on Wall Street knows that, except for currency traders it seems. However, at the end of the day the Gold markets continue to face a lot of selling pressure due to the US dollar strength longer-term. There have been a lot of concern with emerging markets, and that should continue to be the case.
I also recognize that we are a bit range bound, although I think there is some upward pressure to be found eventually. If we do break above the $1208 level, that would be a good sign. In the meantime, I think that rallies are selling opportunities on signs of exhaustion, as gold simply can’t seem to get its act together longer-term.
Thanks
YoCryptoManic
Pivot: $1202.25
Key Resistance: $1208.45 - $1212.00 - $1217.89 - $1222.24
Key Support: $1202.25 - $1198.45 - $1195.55 - $1192.00
Technical Indicator:
Chart Pattern: Bullish Flag Completed, looking for upside direction.
RSI: Indicator shows upside bias.
MACD: MacD having upside momentum.
Moving Avg: SMA100 ($1199.02) & SMA55 ($1198.27) strong support for Gold.
Technical Most Likely Scenario: long positions above 1202.25 with targets at 1208.50 & 1212.50 in extension.
Technical Alternative scenario: below 1202.25 look for further downside with 1198.00 & 1192.50 as targets.
Fundamental:
Gold markets were very noisy during trading on Wednesday, as we continue to see a lot of volatility around the world. The US dollar got a bit of a beating during the day as James Bullard suggested that an inverted yield curve could cause a recession. Everybody on Wall Street knows that, except for currency traders it seems. However, at the end of the day the Gold markets continue to face a lot of selling pressure due to the US dollar strength longer-term. There have been a lot of concern with emerging markets, and that should continue to be the case.
I also recognize that we are a bit range bound, although I think there is some upward pressure to be found eventually. If we do break above the $1208 level, that would be a good sign. In the meantime, I think that rallies are selling opportunities on signs of exhaustion, as gold simply can’t seem to get its act together longer-term.
Thanks
YoCryptoManic
Trade closed: target reached
We have made 140 pips in Gold trade.
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