Gold Price News and Forecast: XAU/USD eyes $1,842 as bulls gain control
|Gold beats resistance at 1815/18
Gold Spot bounced in severely oversold conditions but way further than I expected recovering 3 days of losses to hit 1817.
Gold beats resistance at 1815/18 for a buy signal targeting 1828/29, perhaps as far as 1832/34. We could even reach strong resistance at 1840/45. First support at 1818/15 but longs need stops below 1810. A break lower targets 1804/03 with support at 1798/95. Be ready to sell a break below 1790 for 1785/84, perhaps as far as 1776/75. Read more...
Gold Price Analysis: XAU/USD eyes $1,842 as bulls gain control – Confluence Detector
Gold has been extending its gains, marching forward as hopes for fiscal stimulus have returned. A bipartisan group of Senators unveiled a $908 billion program – that could be the beginning according to both Democrats and Republicans. The precious metal is benefiting from the speculation of more funds flowing to markets.
How is XAU/USD positioned on the charts? The path of least resistance remains to the upside. Read more...
Gold’s technical analysis: Advances yet to conquer dominant bearish structure
Gold is engaging the 1,825 level, in-line with the Ichimoku cloud’s lower surface, which happens to be the 61.8% Fibonacci retracement of the up leg from 1,670 to the all-time high of 2,074. Simultaneously thrusting above the 1,818 border coupled with the 50-period simple moving average (SMA), the bulls are still facing a commanding bearish structure, echoed within the falling slopes of the SMAs.
The short-term oscillators are reflecting strengthening positive momentum. The MACD is some distance above its red trigger line and is stepping above the zero threshold, while the RSI is improving in the bullish territory. Furthermore, despite easing in the overbought region, the stochastic lines have yet to confirm bearish tendencies below the 80 mark. Read more...
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