XAU/USD is likely to move higher. Gold rose above all important MAs, closing the day above the 200-day MA at $1,970. Momentum indicators show positive momentum, with RSI moving higher and consolidating at multi-month highs.
On the H4 frame, gold may soon correct downwards, but the main trend is still up. The nearest support is MA 20 at 1,950.50 USD, and this line is also very far away from other MA lines, reinforcing the upward momentum. The RSI retraced after creating a lower peak, showing a negative divergence, but is still well above the 50 level and in the overbought zone.
On the H4 frame, gold may soon correct downwards, but the main trend is still up. The nearest support is MA 20 at 1,950.50 USD, and this line is also very far away from other MA lines, reinforcing the upward momentum. The RSI retraced after creating a lower peak, showing a negative divergence, but is still well above the 50 level and in the overbought zone.
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Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/xauusdtradingfx
🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
(don't copy, click on the links!)
🟢Telegram Channel: t.me/xauusdtradingfx
🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.