Gold: Will XAU/USD edge to new multi-year highs?
Gold
Another positive daily candle and decisive close higher has pulled gold to a new multi-year closing high and a test of the recent peak of $1789. The market continues run along the four week uptrend (very slightly redrawn to account for last week’s Nonfarm Payrolls spike low) which rises today to lend support at $1771. Momentum indicators retain their positive configuration, with the RSI up into the mid-60s again, whilst Stochastics and MACD lines tick higher. We continue to expect gold will edge to new multi-year highs, whilst there is still an implied target to be derived from the April to June consolidation range breakout. A conservative target implies c. $1820 towards potentially $1830 in the coming weeks. Given the propensity for gold to be cautiously breaking higher, we still look to use weakness as a chance to buy, with the trend at $1771 and the breakout support at $1764. A little conviction would now be lost under $1757, but we would remain confident of our strategy whilst $1744 support remains intact. Above $1789 is a high dating back to the 2012 peak of $1795.
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