XAU/USD tries to leave channel up
Morning outlook - XAU/USD tries to leave channel up
- A release of the US employment data last Friday predictably stopped the gold from losing value against the buck. In result of the surge that was also strengthened by growing fears over the North Korean crisis, the pair has practically broke through the upper boundary of a dominant ascending channel.
- From a fundamental side, today the Dollar is not expected to have any news that could motivate it to start to recover.
- From a technical side, the further surge is obstructed by the updated weekly R1 at 1,339.42 and then by the monthly R1 at 1,348.36. In the meantime, the southern side has a barrier-free area up until the 55- and 100-hour SMAs that are located slightly above the weekly PP a 1,315.75.
- An average market sentiment point out on a rebound, as 62% of traders remain bearish on the given exchange rate.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.