Gold is trading higher today and gained strength after bouncing
from the daily low at $1318. The demand for
the precious metal is boosted as the US Dollar pulled back from the 4-month
high against the major currencies. Yesterday the US CPI data came
worse than expected and this added fuel for and this facilitated the retreat of grenback’s bears.
Technically speaking the short-term outlook remains bullish. On the four hour time frame the price is developing between the 100-day and 200-day SMAs, both maintaining slow downward slopes. During the last session the price pushed above the 20-day SMA that has turned already to north and is acting as a dynamic support and coincided with such provided by the 23.6% Fibonacci retracement of latest April to May bearish run at $ 1314. Stochastic has entered extreme overbought area and is showing strong upward momentum. RSI is also pushing higher but is slightly indecisive just below 70.
As seen on the chart XAU/USD marched above the 38.2% Fibo of same retracement at $ 1322 and currently is trading at $ 1325. Above this level new challenge is offered by 50 % Fibo at $ 1330. The downside remains supported by the daily low at $1318, below which is standing $ 1314 (20-day SMA and 23.6% Fibo).
Technically speaking the short-term outlook remains bullish. On the four hour time frame the price is developing between the 100-day and 200-day SMAs, both maintaining slow downward slopes. During the last session the price pushed above the 20-day SMA that has turned already to north and is acting as a dynamic support and coincided with such provided by the 23.6% Fibonacci retracement of latest April to May bearish run at $ 1314. Stochastic has entered extreme overbought area and is showing strong upward momentum. RSI is also pushing higher but is slightly indecisive just below 70.
As seen on the chart XAU/USD marched above the 38.2% Fibo of same retracement at $ 1322 and currently is trading at $ 1325. Above this level new challenge is offered by 50 % Fibo at $ 1330. The downside remains supported by the daily low at $1318, below which is standing $ 1314 (20-day SMA and 23.6% Fibo).
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