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Gold Continues To Soar Higher, We Remain Bullish But Cautious

Published 24/02/2020, 08:55
Updated 09/03/2019, 13:30

Trading outlook:

The bulls are running hard and this is a strong move we are happy to ride. However, we are also cautious of exhaustion signals as extreme moves can also be subjected to extreme retracements.

Support

  • $1657 – intraday low, 24th February
  • $1649 – gap support – 21st February high
  • $1623 – 20th February high
  • Resistance

  • $1695 – January 2013 high
  • $1754 – November 2012 high
  • $1795 – 2012 high
  • Technical Analysis:

    Breaking above $1577 we turned more positive on gold, but with the decisive move above $1591 resistance, we have increasing conviction. Yesterday’s closing level of $1601 was the highest close on gold since 2013 and brings the January spike high of $1611 right into focus. Our confidence levels are increased further looking at the strengthening momentum, with the RSI into the high 60s, a bull cross on MACD and Stochastics bullish into the 80s. We continue to see intraday weakness as a chance to buy and there is now a good band of support $1577/$1591. The two-month uptrend comes in at $1571 today. The hourly chart shows a basis of consolidation early today, but the bulls are well-positioned to buy into weakness.

    XAU Daily Chart
    XAU Hourly Chart

    """DISCLAIMER: This report does not constitute personal investment advice, nor does it take into account the individual financial circumstances or objectives of the clients who receive it. All information and research produced by Hantec Markets is intended to be general in nature; it does not constitute a recommendation or offer for the purchase or sale of any financial instrument, nor should it be construed as such.

    All of the views or suggestions within this report are those solely and exclusively of the author, and accurately reflect his personal views about any and all of the subject instruments and are presented to the best of the author’s knowledge. Any person relying on this report to undertake trading does so entirely at his/her own risk and Hantec Markets does not accept any liability. """

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