Gold Price Analysis: XAU/USD refreshes intraday high above $1,900 on triangle break
- Gold breaks short-term symmetrical triangle formation amid strong RSI.
- Successful trading above 100-HMA, weekly rising trend line favor bulls.
Gold picks up the bids near $1,910.52, up 0.30% intraday, while heading into Thursday’s European session. The bullion recently broke an immediate symmetrical triangle formation portraying moves from Wednesday.
With the strong RSI conditions, not oversold as well, joining the metal’s ability to stay well past-100-HMA and an ascending trend line from October 29, buyers are well placed near the fresh intraday high.
Moving on, the precious metal is likely to stay positive towards the previous day’s top near $1,916.50. Though, the $1,931/33 area including multiple highs marked in October will cap any more upside beyond $1,916.50.
Meanwhile, $1,901 and a 100-HMA level near $1,893 can offer nearby support to the commodity during fresh pullback.
It should, however, be noted that the gold sellers will stay away unless witnessing a break of a bit broader support line near $1,889, which in turn holds the key to the monthly low close to $1,873.
Gold hourly chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
