Gold (XAU/USD) ending a possible corrective move

Gold (XAU/USD) ending a possible corrective move

2019-11-11 • Updated

Gold has been trading in a bearish tone below the 50 SMA at H1 chart following the US GDP data release during March 28th session. Currently, we’re seeing a corrective move to take place in favor of the overall bullish structure and if the XAU/USD pair touches the 65% Fibonacci level at 1324, it could gather momentum to resume the bullish bias towards the -23.6% Fibonacci area at 1368.

RSI indicator is in the oversold territory, calling for an imminent rebound.

XAUUSDH1.png

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