XAU/USD has been in an uptrend since the beginning of October, forming higher highs and higher lows on the daily chart.
- The price recently bounced off the support zone around 1,940, which coincides with the 50-day moving average and the 38.2% Fibonacci retracement level of the October rally.
- The price also broke above a descending trendline that was acting as resistance, signaling a continuation of the bullish momentum.
- The RSI is above 50, indicating that the buyers are in control of the market. The MACD is also positive and rising, confirming the bullish trend.
- The next target for the bulls is the resistance zone around 2,020, which is the 127.2% Fibonacci extension level of the October rally and the previous all-time high. A break above this level could open the door for further gains towards 2,100 and beyond.
Source: Conversation with Bing, 14/11/2023
(1) XAUUSD Chart — Gold Spot US Dollar Price — TradingView. www.tradingview.com/symbols/XAUUSD/.
(2) XAU USD Chart - Investing.com. www.investing.com/cu...ncies/xau-usd-chart.
(3) XAU/USD Chart - FXStreet. www.fxstreet.com/rat...charts/xauusd/chart.
(4) Live chart for XAUUSD - FX Blue. www.fxblue.com/marke...t-data/chart/XAUUSD.
(5) XAUTUSD Charts and Quotes — TradingView. www.tradingview.com/symbols/XAUTUSD/.
- The price recently bounced off the support zone around 1,940, which coincides with the 50-day moving average and the 38.2% Fibonacci retracement level of the October rally.
- The price also broke above a descending trendline that was acting as resistance, signaling a continuation of the bullish momentum.
- The RSI is above 50, indicating that the buyers are in control of the market. The MACD is also positive and rising, confirming the bullish trend.
- The next target for the bulls is the resistance zone around 2,020, which is the 127.2% Fibonacci extension level of the October rally and the previous all-time high. A break above this level could open the door for further gains towards 2,100 and beyond.
Source: Conversation with Bing, 14/11/2023
(1) XAUUSD Chart — Gold Spot US Dollar Price — TradingView. www.tradingview.com/symbols/XAUUSD/.
(2) XAU USD Chart - Investing.com. www.investing.com/cu...ncies/xau-usd-chart.
(3) XAU/USD Chart - FXStreet. www.fxstreet.com/rat...charts/xauusd/chart.
(4) Live chart for XAUUSD - FX Blue. www.fxblue.com/marke...t-data/chart/XAUUSD.
(5) XAUTUSD Charts and Quotes — TradingView. www.tradingview.com/symbols/XAUTUSD/.