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

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

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.

XAUUSDH1.png

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