XAUUSD Gold Forecast And Technical Overview
Fundamentals: Safe haven concerns and Gold rallies. The reasons:
- The uncertainty created by the current to trade war between China in the United States.
- Falling US Equities.
- US Inflation below expactations.
Technically: XAUUSD ended the day above EMA 50. That indicates that the short-term market trend in gold has reversed and is now bullish.
The next main resistance resides at 1245-1250.
However, 1218 is the key level to bullish continuation. We need to see the prices close above 1218.
We may see the prices retrace towards 1214 and 1210 USD during the last trading day of the week. Weekly closing will determine the shorter term direction of the prices.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
XAUUSD Gold Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.