GOLD - USD - Creates Bullish Weekly Session - Next Level in Focus $1,301 - 10/11/2017 (GMT)
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GOLD - USD Chart
The yellow metal completed the fourth bullish day in a row after the pullback on the $1,261 support handle, which overlaps with the 200-day SMA. This week the XAU/USD pair is snapping the five losing sessions and as it is completing a positive period. The price may extend its gains until the $1,301 price level near the 50-day SMA that we suggested in a previous analysis (see technical analysis here: http://bit.ly/2yesmPI)
On the short-term timeframe, the technical indicators reversed, endorsing the scenario for further upward movement. The RSI indicator is pointing to the upside and is still developing near the mid-level. The MACD oscillator is ready to post a bullish crossover with its trigger line, which is holding below its mid-level.
On the short-term timeframe, the technical indicators reversed, endorsing the scenario for further upward movement. The RSI indicator is pointing to the upside and is still developing near the mid-level. The MACD oscillator is ready to post a bullish crossover with its trigger line, which is holding below its mid-level.
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