XAU/USD

Spot gold regained traction and rose on Friday, following a shallow dip in past two days. Near-term action has established above 200DMA that adds to bullish near-term bias, however it is still ranging between 200DMA ($1839) and $1867 (Fibo 38.2% of $1998/$1786).

The metal is on track for the second consecutive bullish weekly close, inflated by weaker dollar that adds to positive near-term tone.

Formation of 10/200DMA golden-cross and rising 14-d momentum emerging into positive territory, underpin the action, but bulls need confirmation on sustained break above $1867 pivot that will signal bullish continuation and expose targets $1886/92 (100DMA / 50% retracement of $1998/$1786) and psychological $1900 barrier.

Res: 1867; 1874; 1886; 1892.
Sup: 1848; 1839; 1836; 1810.

XAUUSD

Interested in XAU/USD technicals? Check out the key levels

    1. R3 1869.86
    2. R2 1862.13
    3. R1 1856.46
  1. PP 1848.73
    1. S1 1843.06
    2. S2 1835.33
    3. S3 1829.66

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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