Gold - XAUUSD shows more resilience than initially expected
Over the past four months, gold has shown strong resilience. Despite the U.S. interest hike, gold failed to drop substantially. Instead, it moved close to its all-time high value; however, it halted its rise at 2075.63 USD. After that, gold fell below 1900 USD. Although, this drop did not last long, and gold retreated to the 1950 USD price tag a few days later. We remain bullish on XAUUSD, and our medium-term price target of 2100 USD stays in place. Our long-term price target of 2300 USD also remains active.
Technical analysis - daily time frame
RSI and MACD are neutral. Stochastic stays bullish, and the same applies to DM+ and DM-. ADX declines, suggesting no significant trend is present. Overall, the daily time frame is neutral.
Technical analysis - weekly time frame
RSI and Stochastic are neutral. MACD remains bullish. DM+ and DM- are bullish too. ADX continues to increase, which suggests the trend of higher degree is bullish. Overall, the weekly time frame is bullish.
Illustration 1.01
The picture above shows additional support/resistance levels.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Technical analysis - daily time frame
RSI and MACD are neutral. Stochastic stays bullish, and the same applies to DM+ and DM-. ADX declines, suggesting no significant trend is present. Overall, the daily time frame is neutral.
Technical analysis - weekly time frame
RSI and Stochastic are neutral. MACD remains bullish. DM+ and DM- are bullish too. ADX continues to increase, which suggests the trend of higher degree is bullish. Overall, the weekly time frame is bullish.
Illustration 1.01
The picture above shows additional support/resistance levels.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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