XAUUSD Analysis: Set for more gains

It can be observed on the hourly chart for the yellow metal that the bullion broke out of the descending channel pattern to the upside. Due to that reason it can be assumed that more gains are to be scored, as on Thursday morning the commodity price fluctuated just below the 1,280 mark. The 1,280 mark seemed to pose some sort of rather weak but still notable resistance. This recent breakout, which was initially not expected, occurred due to fundamental reasons. The recent quarrels between the United States and North Korea have created a sort of run to safety. Moreover, it reversed the recent fundamental strengthening of the US Dollar after the JOLTS Jobs Openings release.

XAUUSD

 

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

    1. R3 1302.47
    2. R2 1290.58
    3. R1 1283.83
  1. PP 1271.94
    1. S1 1265.19
    2. S2 1253.30
    3. S3 1246.55

 

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