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200519 GoldM

Technical Update - Gold broken key resistance new all-time highs in the cards

Commodities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Gold has broken key resistance at 2,065 and is now eyeing previous all-time high. But higher levels are in the cards

Gold XAUUSD broke and closed Friday above key resistance at around 2,065 reaching the December peak at 2,088.
RSI closed above the 60 threshold thus in positive sentiment suggesting Gold is likely to move higher.

A bullish push towards previous all-time high at around 2,134 is in the cards. However, on the medium-term Gold could push higher.
On the weekly chart Gold has retraced just above the 0.618 retracement at 2,077. If taking out the December 2023 peak and all-time there could be potential to the 1.382 projection at 2,191

A close back below 2,020 will demolish this bullish scenario short-term. A close below 1,984 is needed to reverse the medium-term bullish picture a close back below
gold d 0403
Source all charts and data: Saxo Group
gold w 0403

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