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Technical Update - Gold rejected at key resistance but technical indicators point to higher levels

Commodities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Once again was Gold rejected at key strong resistance at 2,064. However, all indicators are suggesting higher Gold prices. A close above resistance level will pave the road towards previous all-time high


Gold XAUUSD was yesterday rejected once again at the 2,064 resistance, back below the 0.618 retracement.
However, RSI still in positive sentiment and if Gold can close above 2,064 and RSI close back above 60 threshold there is short-term upside potential for Gold to 2,121 and previous all-time high

Further adding to the underlying bullish sentiment and picture is that Gold is still above the Cloud, and above 55, 100 and 200 DMA’s which are all rising.

The bullish picture is supported by all daily Moving Averages are rising, 55 DMA has performed a Gold Cross on both the 100 and the 200 Moving Average underlining the underlying bullish trend

A close below 2K will confirm trend has turned bearish
gold d 0202
Source all charts and data: Saxo Group

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