XAU/USD outlook: Break above recent range top generates fresh bullish signal

Slobodan Drvenica Windsor Brokers

XAU/USD

Gold extended rally from $4850 zone higher base into fourth consecutive day and hit the highest since Jan 30 in early trading on Monday.

Fresh wave of safe-haven demand was boosted by the latest decision of the US Supreme Court to rule out all Trump’s tariffs that added pressure on US dollar and deepened uncertainty, also fueled by heated geopolitical situation.

Technical picture has further improved on Friday’s close above $5100 (former range top) and has also registered repeated weekly close above $5000 (psychological/50% retracement of $5598/$4402 correction).

Daily Tenkan and Kijun-sen form a bull-cross that contributes to positive signals, although fading bullish momentum and overbought stochastic warning that bulls may face headwinds.

In current fundamental configuration, bulls should remain in control with consolidation / limited dips to ideally hold above $5100 (reverted to support) to offer better levels to re-enter bullish market for acceleration towards $5200/$5300 and $5363 (upper 20-d Bollinger band) in extension.

Res: 5176; 5200; 5300; 5363.
Sup: 5100; 5080; 5053; 5000.

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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