You are here: Home > articles > Forex > Technical Analysis – Gold extends bullish impetus further beyond 1,300
Technical Analysis – Gold extends bullish impetus further beyond 1,300
January 30, 2019 9:30 amVideo
Latest News
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
Gold’s rally got some extra fuel early on Wednesday, with the price jumping to an 8 ½ -month high of 1,315.
In the technical picture, the MACD seems to be resuming upside momentum above its red signal line, a positive sign that the bulls may continue to drive the market even if downside corrections cannot be ruled out in the very short-term as both the Stochastics and the RSI are fluctuating in overbought area. Trend signals are also encouraging, with the price deviating above the 20-day simple moving average (MA) which is positively sloped above the longer-term 50- and 200-day MAs.
Additional gains may find immediate resistance around 1,325, while slightly higher the 1,341 barrier could act as resistance as it did in the first months of 2018. Even higher, the focus could shift to 1,356 before the 1,365.89 peak comes into view.
In case bears take control over the situation, a crucial support is expected to appear between 1,300-1,290, where the 20-day MA is also located. A return below that zone could add more pressure, with the price potentially stopping next near the 1,276 mark and then around the 50-day MA which currently stands at 1,263. Should the bears beat the latter, a bigger sell-off would likely start below the 200-day MA at 1,246.
In the medium-term picture, the market is strongly bullish thanks to the rebound on the 1,242 level on December 20. The clear golden cross between 50- and the 200-day MAs supports prospects for an extension of the impressive uptrend.
Related Posts: