Chart of the Day: Gold (XAUUSD)

Blake Morrow Forex Analytix

Gold broke the 1800 level resistance today, and while above the 1800 level the risk is for a move back to the 200dma. The double bottom pattern will target the 1838 level first, but since the daily RSI is nowhere near overbought the 200dma and the 61.8% Fibonacci ration near the 1855 level seems like a logical target near term. Keep in mind that the move back to the 1756 level last week was a 38% "shallow" retracement which is assisting this move higher near term.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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