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Technical Update - Gold testing key resistance. Will it break and stay above this time for further upside?
Commodities 1 minute to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Gold (XAUUSD) is testing resistance at around 2,195, with potential for further gains if it sustains a close above this level
Gold (XAUUSD) is currently testing the resistance level at around 2,195. Despite surpassing this level last week, it did not manage a close above.
A daily close above 2,195 could open the path to higher levels, specifically in the 2,265 to 2,295 range, as suggested by the directional arrows in the analysis.
The blue vertical arrows is the previous trading range shifted higher.
The black arrows are illustrating the Fibonacci Extension from 1,984 - red Fibo levels.
The most recent correction after spiking to 2,223 followed by the collapse are the blue Fibonacci projections - right side of the chart.
1.764 projection of that correction at 2,273 is close to the 0.618 Extension at 2,276.
The RSI, a strentght indicator, is presently above its falling trendline. Should it close above this trendline, it would serve as a robust indicator that gold may continue its bullish trend.
However, it's crucial to monitor the key support level at 2,146. A daily close below this threshold could invalidate the current bullish sceanrio, potentially signaling a reversal in gold's uptrend