Gold (XAU/USD): $1300 as the next target?

Read the article on FBS website

The precious metal has been strong across the Forex market and it’s consolidating gains well above the $1290 level. So far, according to the H1 chart, a bullish crossover is happening with the 50 and 200 SMA, which reinforces the bullish idea in the gold. However, because of the solid rise, we can expect a decline to correct the overall structure towards the 50% Fibonacci retracement level at $1271.82.

Above that area, if XAU/USD holds that level and rebounds, we can expect a rally to test the -23.6% Fibonacci level at $1301.87 in a first degree. RSI indicator is overbought and calling for another leg lower, before to resume the bullish bias.

XAUUSDH1.png

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.