Gold is looking to resume bullish bias

Gold is looking to resume bullish bias

Gold has been weak since October 16th and now it’s testing a key zone above the Fibonacci level of 78.6% at 1270.10. According to our projections, current recovery is likely to go towards the 200 SMA at 1288.45, at which we could find some offer attempts to push lower to the precious metal. If it resumes the bullish trend across the board, next target should be placed at the -23.6% Fibo level at -23.6% in 1316.52.

RSI indicator is heading higher and close to the overbought territory.

XAUUSDmH1.png

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