GOLD - uptrend pauses amid risks, Note long-term monitoring
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Overall, XAUUSD rebounded significantly yesterday with a 680 pips increase above the $2156 level. It is currently trading steady at a new high of $2,209, after touching $2,223, marking a 1.07% gain on the day. Traders are now looking at the release of the provisional PMIs for signals on the global economic situation, which, in turn, could provide some impetus to the precious metal.
From a technical perspective, the strong positive move overnight confirmed the breakout through a bullish flag chart pattern and confirmed the positive outlook for Gold prices. That said, the Relative Strength Index (RSI) is back above the 70 mark, so it would be prudent to wait for some near-term consolidation or a modest pullback before traders Trades are starting to position for any further upside move. However, the broader setup supports the prospect of an extension of the strong uptrend that has been well established recently as witnessed over the past month or so.
Fundamentally and technically, the XAUUSD market is showing optimism so we can expect an upward scenario at the moment.
Overall, XAUUSD rebounded significantly yesterday with a 680 pips increase above the $2156 level. It is currently trading steady at a new high of $2,209, after touching $2,223, marking a 1.07% gain on the day. Traders are now looking at the release of the provisional PMIs for signals on the global economic situation, which, in turn, could provide some impetus to the precious metal.
From a technical perspective, the strong positive move overnight confirmed the breakout through a bullish flag chart pattern and confirmed the positive outlook for Gold prices. That said, the Relative Strength Index (RSI) is back above the 70 mark, so it would be prudent to wait for some near-term consolidation or a modest pullback before traders Trades are starting to position for any further upside move. However, the broader setup supports the prospect of an extension of the strong uptrend that has been well established recently as witnessed over the past month or so.
Fundamentally and technically, the XAUUSD market is showing optimism so we can expect an upward scenario at the moment.
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Temporary sell signal is 130 pips
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