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After breaking through the $1,852 resistance level, the XAU/USD price has steadily risen. In the ongoing session, there are signs that the XAU/USD price may move further upwards to claim the $1,900 price mark
Major Price Levels:
Top Levels: $1,883, $1,900, $1,950
Floor Levels: $1,870, $1860, $1,845
XAU/USD Extends Its Upside Price Move
Price action in the daily XAU/USD market has continued to march upwards, and even more significantly in this current session – going by the looks of the last price candle. Also, signs from technical indicators are fairly optimistic about further price increases. The last price candle on this chart has further pushed the current price of this pair higher above the 9-day Moving Average curve. Additionally, the MACD lines are still rising upward above the equilibrium level, indicating a continuous gain in the market’s upside momentum. However, the RSI curves in the overbought region are now converging at the tip at 98.57 and 97.15. Also, these lines maintain an upward bearing even at this point. Based on market indicators, a continuous price increase is still possible in this market.
XAU/USD Is Advancing in Profits
Prices on the 4-hour chart have progressively moved from $1,883.45 to $1,883.66. The last price candle here is significantly larger than the previous bullish price candles. Consequently, this has placed the current price above the MA line. Meanwhile, the RSI lines have given a bullish crossover in the overbought zone, consequently indicating a gain in upside momentum. However, the MACD lines are now moving mostly sideways above the equilibrium level of 0.00 at 8.63 and 7.63. Therefore, traders in this market can keep their price predictions up and towards the $1,900 mark, however, with good risk management strategies.
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