XAUUDS - Key Indicators Point to Upside
Updated
Gold breaks out of a flag pattern, showing bullish potential with solid support at 1,952 and upside targets at 1,997 and 2,010. Aiming for new record highs eventually.
The recent retracement low of 1,952 yesterday provided solid support given the several technical confirmations of that price zone being a key pivot. It includes the 34-Day EMA, the 61.8% Fibonacci retracement, and an internal uptrend line. Also, the bullish price advance that occurred after the bottom provides additional bullish evidence.
Gold is technically prepped to continue to evolve its uptrend to test prior highs around 2,082, and then exceed that high and move into new record highs. When might this happen is the question. Therefore, the recent high and current prices may be the lowest prices for gold in some time. We will be watching momentum and price behavior closely following today’s breakout to identify signs of weakening and strengthening.
The recent retracement low of 1,952 yesterday provided solid support given the several technical confirmations of that price zone being a key pivot. It includes the 34-Day EMA, the 61.8% Fibonacci retracement, and an internal uptrend line. Also, the bullish price advance that occurred after the bottom provides additional bullish evidence.
Gold is technically prepped to continue to evolve its uptrend to test prior highs around 2,082, and then exceed that high and move into new record highs. When might this happen is the question. Therefore, the recent high and current prices may be the lowest prices for gold in some time. We will be watching momentum and price behavior closely following today’s breakout to identify signs of weakening and strengthening.
Comment
XAUUSD BUY 1965- 1967🕯🕯✔️✔️ TP1: 1972
✔️✔️ TP2: 1980
❌ SL: 1956
Comment
Gold is expected to conquer record highs soon even as the Fed maintains its austerity cycle by rising 25 basis points at this meeting.Accordingly, gold can reach the threshold of $ 2,000 / ounce. Demand for precious metals remains high amid political and economic uncertainty around the world.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.