XAU/USD outlook: Gold rises to two-week high as dollar accelerates lower
|GOLD
Fresh weakness of the dollar lifted gold to the highest levels in two weeks on Tuesday, signaling bullish continuation after Monday's Doji and repeated failure to close above 20DMA ($1967).
Fresh advance rose above 20DMA (which now became solid support) and cracked important Fibo barrier at $1993 (61.8% of $2074/$1862 pullback).
Break and close above this level would generate fresh bullish signal for probe through $2000 and attack at 18 Aug recovery peak at $2015.
Gold sentiment firmed after Fed signaled prolonged ultra-low rates last week, with bullish setup of daily studies supporting the advance, but overbought stochastic generating initial warning.
Res: 1993; 2000; 2015; 2024
Sup: 1980; 1976; 1967; 1960
Interested in XAU/USD technicals? Check out the key levels
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