Gold (XAU/USD): $1300 as the next target?

Gold (XAU/USD): $1300 as the next target?

The precious metal has been strong across the Forex market and it’s consolidating gains well above the $1290 level. So far, according to the H1 chart, a bullish crossover is happening with the 50 and 200 SMA, which reinforces the bullish idea in the gold. However, because of the solid rise, we can expect a decline to correct the overall structure towards the 50% Fibonacci retracement level at $1271.82.

Above that area, if XAU/USD holds that level and rebounds, we can expect a rally to test the -23.6% Fibonacci level at $1301.87 in a first degree. RSI indicator is overbought and calling for another leg lower, before to resume the bullish bias.

XAUUSDH1.png

Similar

Popular

EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera