BUYED AT: 1941
SL: 1935
TP: 1946-1951
Gold (XAU/USD) prices post slight gains at four-week highs while confirming a bullish chart formation early Thursday, up 0.10% on the day near $1,945 by press time. . In doing so, the precious metal encourages the general weakness of the US Dollar, as well as hopes to see a Chinese stimulus to please buyers.
Gold price technical analysis
Gold price remains in the sights of buyers as confirmation of a 4-month bullish wedge-shaped chart formation combined with positive price signals from the Moving Average Convergence and Divergence (MACD) ) and the Relative Strength Index (RSI) line, set at 14:00.
However, it is worth noting that the RSI is rapidly approaching the overbought zone, which shows limited upside room for XAU/USD.
As a result, a multi-level horizontal area marked since late May, around $1,984–85, and a yearly top marked in May near $2,067, could challenge Gold buyers in the process. progress toward the theoretical goal of the stated wedge breakout. , nearly 2,140 USD.
Meanwhile, the Gold Price retracement remains elusive unless it breaks above the 50-day Simple Moving Average (SMA) of $1,930.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now