Gold is surging to higher levels

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold precious metal on the 4 Hours Chart has been in an uptrend since 2 May 2019 when it registered the low price at 1266.389. On 13 May 2019, Gold precious metal recorded the high price of 1303.364. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of Gold . Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI ( Relative Strength Index ) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement for the upward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 1294.005 (161.8%). The second price target is seen at 1301.380 (261.8%). The third price target is projected at 1313.313 (423.6%). The first and second targets were reached successfully. The Gold is currently trading above the uptrend line. The presence of the Long White Body hints for a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the course of Gold . Current price is 1.1 % above the last week close after a sharp rise in price during a period of heavy buying. Although the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bullish .
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