Gold (XAU/USD) awaits to make a strong rebound

Gold (XAU/USD) awaits to make a strong rebound

Gold has been trading in a negative tone across the board and remains capped by the 200 SMA at H1 chart. The 78.6% Fibonacci level is holding and it seems we could expect a strong support there in order to follow the overall bias towards the -23.6% Fibonacci target at 1375.80. To the downside, if such Fibo level gives up, then the next target would be the 1324.20 level.

RSI indicator remains in the negative territory.

XAUUSDH1.png

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