XAUUSD : ABRA-CA-DAB-RA
The price recovered yesterday's losses intra day and made a new High today, showing that despite the overbought technicals (RSI # 71.428, MACD # 22.400, ADX # 49.175), buyers still dominate the market in the absence of high impact news reports this week.
Fundamentally this rally continues to capitalize last week's decreasing inflation news.
Technically, it targets the 1D MA200 (1,803.40), which is intact since June 23. I don't expect to hit the 1D MA50 (1,678.16) any time soon but I will be ready to buy on the 4H MA50 (1,706.77 and rising rapidly), or if we close above the 1D MA200 and target 1,880.
As you see from what we discussed yesterday, it is this small pull-back on the US10Y that is having this bullish impact on Gold (and of course the change of trend on the DXY). All prices mentioned on my analysis are on XAUUSD.
Fundamentally this rally continues to capitalize last week's decreasing inflation news.
Technically, it targets the 1D MA200 (1,803.40), which is intact since June 23. I don't expect to hit the 1D MA50 (1,678.16) any time soon but I will be ready to buy on the 4H MA50 (1,706.77 and rising rapidly), or if we close above the 1D MA200 and target 1,880.
As you see from what we discussed yesterday, it is this small pull-back on the US10Y that is having this bullish impact on Gold (and of course the change of trend on the DXY). All prices mentioned on my analysis are on XAUUSD.
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