Gold rejected but technical indicators point to higher levels
Summary: Gold was rejected once again at key resistance of 2,064. However, all indicators are suggesting higher Gold prices ahead. A close above this level will pave the road towards previous all-time high
Gold XAUUSD was yesterday rejected once again at the 2,064 resistance, and fell back below this 0.618 retracement.
However, the RSI still shows positive sentiment - if Gold can close above 2,064 and the RSI close back above the 60 threshold, there is short-term upside potential for Gold to 2,121 and previous all-time highs.
Further adding to the underlying bullish sentiment is that Gold trades above the Cloud, and above the 55, 100 and 200 DMA’s, which are all rising. Also, the 55 DMA has performed a Gold Cross on both the 100 and the 200 moving averages, underlining the underlying bullish trend
A close below 2K would confirm trend has turned bearish
Author: Kim Cramer Larsson, Technical Analyst, Saxo Bank
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Gold XAUUSD was yesterday rejected once again at the 2,064 resistance, and fell back below this 0.618 retracement.
However, the RSI still shows positive sentiment - if Gold can close above 2,064 and the RSI close back above the 60 threshold, there is short-term upside potential for Gold to 2,121 and previous all-time highs.
Further adding to the underlying bullish sentiment is that Gold trades above the Cloud, and above the 55, 100 and 200 DMA’s, which are all rising. Also, the 55 DMA has performed a Gold Cross on both the 100 and the 200 moving averages, underlining the underlying bullish trend
A close below 2K would confirm trend has turned bearish
Author: Kim Cramer Larsson, Technical Analyst, Saxo Bank
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.