As mentioned yesterday, it was obvious that the Gold market was still dominated by buyers and with such drop on the U.S. CPI, the price not only hit my 1,729.50 target but as the 1,735 Resistance broke, it activated my bullish break-out buy, which is targeting the 1D MA200 (currently at 1,803.86).
Technically, the 1D time-frame is approaching the overbought zone (RSI # 68.946, MACD # 15.080, ADX # 33.480), in fact the 1D RSI hasn't been that high since the March 08 peak, so a technical pull-back based on profit-taking is very possible here.
A test of 1,735 - 1,729.50 as a Support Zone would be a great confirmation for buyers as well as the 4H MA50 by next week (rising rapidly).
I will be waiting for those to add more to my buy portfolio, as the DXY is shattered and the US10Y is on its 1D MA50 Support.
All prices mentioned on my analysis are on XAUUSD. Enjoy this week's great profit and have a good weekend!
Technically, the 1D time-frame is approaching the overbought zone (RSI # 68.946, MACD # 15.080, ADX # 33.480), in fact the 1D RSI hasn't been that high since the March 08 peak, so a technical pull-back based on profit-taking is very possible here.
A test of 1,735 - 1,729.50 as a Support Zone would be a great confirmation for buyers as well as the 4H MA50 by next week (rising rapidly).
I will be waiting for those to add more to my buy portfolio, as the DXY is shattered and the US10Y is on its 1D MA50 Support.
All prices mentioned on my analysis are on XAUUSD. Enjoy this week's great profit and have a good weekend!