XAU/USD (Gold) Is Resiliently Defending the $1,900

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The price of XAU/USD has significantly increased for about two months. Price action in this market, even at this point, continues to show more upside potential.

Major Price Levels:
Top Levels: $1,909, $1,939, $1,969
Floor Levels: $1,900, $1,880, $1,860

XAU/USD (Gold) Is Resiliently Defending the $1,900

 

XAU/USD (Gold) May Regain Upside Traction from Here

On the daily market, the XAU/USD price action seems to be making efforts to advance its further price above the $1,900 mark. Over the past three trading sessions prices in this market have continued in the path of a rebound off the upper limit of the Bollinger band indicator. However, this trading session has brought some hope to Gold price staying above the $1,900 mark. A green candle has just formed to indicate the activities of bull traders, pushing the price to $1,909. At this point, both the MACD and the Stochastic RSI indicators, however, have yet to significantly pick up on this development.

XAU/USD (Gold) Is Resiliently Defending the $1,900

XAU/USD (Gold) Approaching Price Upside Move Continuation

Moving to the 4-hour market, it could be seen that the above-perceived development seems to be getting stronger. A trading session ago, price action took off from the lower limit of the Bollinger band, and in this session, the upside move has continued to advance. Also, the RSI lines are now approaching a crossover in the oversold region, at roughly 16 and 14 levels of the indicator. At the same time, the MACD is now revealing that the downward momentum is getting weaker. Consequently, traders can prepare to see the XAU/USD price move toward the $2,000 mark.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.