InvestingScope
Long

XAUUSD: On the verge of a bullish reversal.

FX:XAUUSD   Gold Spot / U.S. Dollar
Since its April 23th bottom and May 2nd Double bottom on 4H, Gold has been rising steadily having broken two important bearish barriers. First it broke the first Lower High sequence (dotted line) which since its February High hasn't done so. Today it broke the 4H Resistance on strong technicals ( RSI = 62.449, MACD = 1.760, Highs/Lows = 2.4022) as well as the 2nd Lower High sequence (dashed line). The last barrier before the 1D Resistance at 1,320 is now the 3rd Lower High trend line (bold). Short term traders may look to buy on the break out or when 1D turns completely bullish ( RSI = 52.214, MACD = -2.470, Highs/Lows = 2.5915).

Our view is more long term oriented and still bullish after Gold kept the monthly Higher low trend line intact as seen on our last analysis below:




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