Gold has reached very important cross-resistance, this is the long ascending trend line (coming from 2017) - that has been the lower limit of the wedge as well and the fib retracement 78.6% (1.310$).
I think we´ll see some fights around this level - perhaps not crossing it in the first attempt.
RSI is good, but MACD lags of support. EMA 50 is far below the current price.
The current channel is steep and a small recover wouldn´t be so bad for the further movement.
Because in the next step Gold has to cross and leave the old wedge, which had its beginning in 2015!
With prices above 1.345$ Gold will have ended the correction which has started in April 2018 and also the already mentioned wedge, opening a small climb to 1.380$ where we find the last high from 2016, also fib retracement 38.2% (reverse fib).
After 1.380$ ... we´ll see. Perhaps a new rally for Gold?
I think we´ll see some fights around this level - perhaps not crossing it in the first attempt.
RSI is good, but MACD lags of support. EMA 50 is far below the current price.
The current channel is steep and a small recover wouldn´t be so bad for the further movement.
Because in the next step Gold has to cross and leave the old wedge, which had its beginning in 2015!
With prices above 1.345$ Gold will have ended the correction which has started in April 2018 and also the already mentioned wedge, opening a small climb to 1.380$ where we find the last high from 2016, also fib retracement 38.2% (reverse fib).
After 1.380$ ... we´ll see. Perhaps a new rally for Gold?