Technical analysis update: XAUUSD (16th April 2021)

Gold has been steadily climbing up since 8th March 2021 when hitting low of 1676.866 USD per ounce. This low was subsequently retested for the second time on 31st March 2021 when price halted its decline at 1677.954 USD per ounce. This is bullish sign for gold, altogether with the fact that gold currently trades around median trendline (white dashed line) of downard moving channel (2 parallel white lines). Technical analysis of MACD and RSI further support bullish case for gold. Our price target for gold is 1900 USD per ounce by year's end.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Trade closed: target reached:

Price target of 1900 USD per ounce has been reached.