XAUUSD: Gold may benefit of the consolidation of USD against EUR

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold's general trend is not moving and on the medium term 1180 and even bellow is still on the track. However, there are some sign that USD is consolidating against EUR. If this is confirmed, then XAUUSD             may benefit from that on a short term basis.
On a purely chartist approach, the short term red trend line may be broken towards 1260 which is a retracement towards 0.618. This is the maximum forseen at the moment.
Looking to the RSI , one can easily saw that the level is not yet oversold but was oversold for a too long period of time. Therefore an upside correction is mechanically "legitimate" although in the market the only legitimacy is the balance between the buyers and the sellers and this is the only through that may be used to fix the price.
A break above 1260 may also be a break above the MA50 which in a sens             may be interpreted as an initial step towards a change of trend but yet there is no sign of a long lasting long trend on gold             .
One should wait the increase of interest rate from FED and ECB to so a clear reversal of the trend.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out