marketcalls_in
Long

Gold - On the Verge of Breakout

FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold price action remains muted despite the stock market crashing, global events like trade war, syrian attack. Its been trading in a very compressed range 1300-1350 range since the start of year 2018. Last 4 trading sessions price is making higher high and higher lows which shows the confidence of the players. Price maintains above 200MA since 2018.

Momentum on the daily charts holds positive. Immediate trendline resistance comes around 1355 levels. Breaking and holding above the trend line resistance could bring sustained momentum buying. Breaking the trendline resistance could bring a test towards 1385-1400 levels in the short to medium term.

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