GOLD - Bulls are working hard
According to the H4 chart, the short-term outlook for the XAU/USD pair seems favorable, despite a slight loss in upward momentum.
Technical indicators have flattened out after crossing into positive territory, as the pair consolidates near daily highs.
Gold has also recovered above the 34 EMA and is trending upwards.
However, the $1,970 level has seen resistance from sellers, and immediate resistance must be surpassed for the pair to extend its rally to the next Fibonacci retracement at 38.2%, located at 1,985.65$.
Keep an eye out for a potential breakout above the 1970 price zone, which could trigger a new uptrend for gold. If using the Temporary Breakout strategy, wait for a close above the zone and set a stop loss at the nearest price stop.
Technical indicators have flattened out after crossing into positive territory, as the pair consolidates near daily highs.
Gold has also recovered above the 34 EMA and is trending upwards.
However, the $1,970 level has seen resistance from sellers, and immediate resistance must be surpassed for the pair to extend its rally to the next Fibonacci retracement at 38.2%, located at 1,985.65$.
Keep an eye out for a potential breakout above the 1970 price zone, which could trigger a new uptrend for gold. If using the Temporary Breakout strategy, wait for a close above the zone and set a stop loss at the nearest price stop.
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