Gold (XAU/USD) still pointing to post further gains

Gold (XAU/USD) still pointing to post further gains

2019-11-11 • Updated

Gold has been trying to consolidate its price action well above the 200 SMA at H1 chart and we can see that a corrective move could take place towards the Fibonacci level of 50% at 1313.47. Around that area, a rebound is likely to happen in order to extend gains toward the Fibonacci target of -23.6% at 1331.32. To the downside, a breakout below 1309.84 could expose the 1306.54 level, ahead of 1301.35, where are located the lows from May 1st.

RSI indicator stays slightly in the negative territory, favoring to the corrective move.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

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