Gold Struggling To Resume Its Rally!

Gold remains very attractive for traders and investors as the risk-off sentiment dominates the markets. The yellow metal has decreased a little in the short term but the bias remains bullish.

It’s traded at 1,747.01 at the time of writing and it could resume its growth after making a new higher high. The US is to release high-impact data later today. These figures could shake the markets and could bring volatility to gold as well.

Unsatisfactory economic figures could boost the price of gold which could reach fresh new highs in the short term.

XAU/USD H4 Chart Technical Analysis!

Gold has come back above the daily pivot (1,739) and now is traded right above the daily R1 (1,746.42). The aggressive breakout through the weekly pivot point (1,741.31) signals strong buyers.

It has managed to jump above the descending pitchfork’s upper median line (uml) and now is pressuring the trigger line. Closing and stabilizing above this line could announce an upside momentum.

XAU/USD is also located above an inside sliding line (SL) of the ascending pitchfork which is seen as a dynamic support. Passing above 1,755 and beyond 50% retracement level could really confirm a further upwards movement.

Conclusion!

Gold maintains a bullish outlook despite the temporary decline. Closing and stabilizing above the immediate highs could confirm a broader growth ahead.

 

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