XAU/USD’s Uptrend Continues

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the XAUUSD. Further to yesterday’s article, the precious metal has now charted a higher trough followed by a higher peak. This is the classical definition of an uptrend. The RSI(9) is above 50 which is indicative of an underlying momentum (blue rectangle). This is due to the likelihood that real interest rates have peaked with the Fed adopting a less hawkish stance of late. We note that the FOMC will release its January meeting minutes tomorrow at 7:00pm (GMT).

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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