XAU/USD outlook: Gold rises to two-week high as dollar accelerates lower

Slobodan Drvenica Windsor Brokers

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

1. R3 2000.64
2. R2 1988.7
3. R1 1978.25
PP 1966.31
1. S1 1955.86
2. S2 1943.92
3. S3 1933.47

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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