Risk Management

Gold Price Forecast: XAU/USD to extend its recovery momentum in a fantastic start to the week

Sydney, Australia – Oct 16, 2018: Global Exchange foreign currency exchange booth at the Sydney Kingsford-Smith International Airport. Movement of travelers on the walkway.

Gold fee is treading water close to two-week highs. XAU/USD may want to see greater beneficial properties as the indispensable 21-Daily Moving Average (DMA) at $1,680 is reclaimed and the Relative Strength Index (RSI) flips bullish, FXStreet’s Dhwani Mehta reports.

Has the tide grew to become in opposition to XAU/USD bears?
“Gold charge defied the bearish odds and jumped above the descending 21 DMA at $1,680, closing Monday above that level. This has affirmed a bullish bias, mainly after the 14-day RSI swung into nice territory for the first time on account that August 16.”

“Bulls want to clear each day highs to undertaking the flattish 50 DMA at $1,724. Ahead of that, the September 14 excessive at $1,707 ought to take a look at bearish commitments.”

“On the downside, the 21 DMA is viewed as imperative support, under which the rising trendline assist at $1,667 will provide some cushion to bulls. Further down, the $1,660 assist region will be a difficult nut to crack for bears.”


Related posts
Risk Management

JPY Price Analysis: Portrays head-and-shoulders bearish pattern on softer Australia data

AUD/JPY drops 50 pips as Australia inflation, employment numbers disappoint Aussie buyers. Looming…
Read more
Risk Management

ECB’s Makhlouf: Could raise rates above 3.5% and hold them there – WSJ

European Central Bank (ECB) Governing Council member Gabriel Makhlouf stated on Tuesday that the ECB…
Read more
Risk Management

Gold Futures: Green light for further gains

Open activity in gold futures markets left in the back of 4 consecutive each day drops and rose by…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *