Gold Price Analysis: XAU/USD could extend rebound with daily close above $1,900

Gold Price Analysis: XAU/USD could extend rebound with daily close above $1,900

Gold closed last two days of the week in the positive territory.

XAU/USD lost more than 3% for the week.

Gold could continue to push higher with a daily close above $1,900.

The XAU/USD pair closed the last two days of the week in the positive territory but closed below $1,900. On a weekly basis, the pair erased more than 3%. Gold technical outlook Despite the recovery witnessed in the second half of the week, the Relative Strength Index (RSI) indicator on the daily chart stays below 50, pointing out to a neutral outlook in the near-term. On the upside, $1,900 (50-day SMA, 100-day SMA, Fibonacci 50% retracement of the June-August uptrend) aligns as a key resistance. With a daily close above that level, gold could target $1,930 (Fibonacci 38.2% retracement).On the other hand, strong support seems to have formed at $1,850 (Fibonacci 61.8% retracement). If […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet