XAUUSD: Bullish but approaching a major Resistance.

Gold has been the major beneficiary of the global sell-off on the stock markets as it has been fundamentally gaining in value (acting as safe haven) despite DXY's technical long term bullish trend (negative correlation should exist there). Going against the trend is not advised but should only be done on smaller time frames to offset the risk of reversal.

The 1H Channel Up (RSI = 68.991, MACD = 1.910, Highs/Lows = 3.1622) is aiming at another +2.04% rise, which puts our TP at 1,290. Attention is required however as on the 1D chart the price is close to the Resistance zone made by the 1,282 May low and the 1,287.26 0.618 Fibonacci retracement.






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