XAUUSD Otlook: Spot Gold at one-month highs on weaker dollar
GOLD
Spot gold advanced 0.75% since Monday's opening and hit new nearly one-month high at $1232, advancing on weaker dollar after US/China trade ceasefire deal.
The yellow metal regained traction after Thu/Fri rejection on both direction, which signaled indecision as markets were awaiting signals from G20 meeting. Fresh advance emerged from European session correction low at $1229 and probe again above $1232 (Fibo 76.4% of $1243/$1196 descend), for test of $1235 (50% $1309/$1160) and lower platform at $1236 zone, violation of which would expose 26 Oct spike high at $1243.
Gold is on track for the biggest one-day gains since 01 Nov on renewed bullish sentiment, with firmly bullish daily studies supporting scenario.
former high at $1230 marks immediate support, followed by broken Fibo 61.8% barrier now reverted to support ($1225), with stronger dips expected to hold above 10/30SMA's ($1223/22) which formed bull-cross.
Res: 1232; 1235; 1236; 1243
Sup: 1230; 1225; 1222; 1219
Interested in XAUUSD technicals? Check out the key levels
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.
