Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Technical Analyst, Saxo Bank
Gold XAUUSD is testing the 0.618 retracement at 2,035 and the 55 daily Moving Average. Gold could move to the 0.786 retracement at 2,048
However, RSI is in still showing negative sentiment and needs to close above 60 threshold to switch to positive but if Gold can close above 2,048 it will also close back above the Cloud (shaded area), and RSI is likely to close above 60 thus confirming the bullish picture
If that scenario plays out there is room up to test and take out key strong resistance at around 2,065
If Gold is failing to break above 2,05 and instead is sliding back to close below 2,015 the downtrend is likely to resume with potential to test the support at around 1,975