Gold Technical Analysis – XAU/USD Daily Chart
After spending three and a half months consolidating in the $1975-$2075, Gold finally broke out to set a new weekly closing high last week. As the chart above shows, that momentum has carried over into this week, with the yellow metal reaching as high as $2,140 intraday. Technically speaking, the momentum remains clearly at the back of the bulls, though with prices well into overbought territory, a near-term dip back toward previous-resistance-turned-support at $2075 cannot be ruled out. As long as the precious metal remains above that level though, the path of least resistance will remain to the topside.
After spending three and a half months consolidating in the $1975-$2075, Gold finally broke out to set a new weekly closing high last week. As the chart above shows, that momentum has carried over into this week, with the yellow metal reaching as high as $2,140 intraday. Technically speaking, the momentum remains clearly at the back of the bulls, though with prices well into overbought territory, a near-term dip back toward previous-resistance-turned-support at $2075 cannot be ruled out. As long as the precious metal remains above that level though, the path of least resistance will remain to the topside.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.