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.



AUD/USD on its way to reach new highs

AUD/USD has been trading in a rebound made from the 200 SMA at H1 chart, which is helping to strengthen the bullish bias across the board and put the pair in the scenario to reach the Fibonacci zone of -23…


Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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