Gold - Gold is on its way to new ATH
Atualizado
Gold broke above 2000 USD price tag. Geopolitical tensions and weakness in the general stock market continue to act as bullish catalysts for gold. Positive outlook for gold is also supported by a combination of bullish technical factors. Because of that we would like to set a new short-term price target for XAUUSD to 2025 USD. Additionally, we would like to set a medium-term price target to 2100 USD; and long-term price target to 2300 USD.
Technical analysis - daily time frame
RSI reached a strongly overbought condition which reflects extreme strength of the bullish trend (this phenomenon is similar to one that is occuring in the oil market and we warned about this previously). MACD and Stochastic are also bullish. DM+ and DM- show bullish conditions in the market as well. ADX exhibits steep growth which indicates the prevailing trend is getting extremely strong (however, it also shows a warning signal). Overall, the daily time frame is very bullish for gold.
Technical analysis - weekly time frame
RSI reached an overbought condition which signals a warning. MACD, Stochastic are bullish. DM+ and DM- are bullish too. ADX shows strengthening of the prevailing trend. Overall, the weekly time frame is bullish.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Technical analysis - daily time frame
RSI reached a strongly overbought condition which reflects extreme strength of the bullish trend (this phenomenon is similar to one that is occuring in the oil market and we warned about this previously). MACD and Stochastic are also bullish. DM+ and DM- show bullish conditions in the market as well. ADX exhibits steep growth which indicates the prevailing trend is getting extremely strong (however, it also shows a warning signal). Overall, the daily time frame is very bullish for gold.
Technical analysis - weekly time frame
RSI reached an overbought condition which signals a warning. MACD, Stochastic are bullish. DM+ and DM- are bullish too. ADX shows strengthening of the prevailing trend. Overall, the weekly time frame is bullish.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Trade fechado: objetivo atingido
Short-term price target of 1925 USD has been reached. Our new short-term price target is at ATH which equals 2075.282 USD.Nota
XAUUSD reached high of 2070.33 USD before plunging below 2000 USD again. This marks failure to overtake previous ATH; and it is negative for gold in the short-term. This forces us to abandon our short-term price target.
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