Jun 08 2018

Gold(XAUUSD) – Technical View

Gold(XAUUSD):- On a daily chart, Gold is struggling to find a way to move higher against the US. Dollar. In the recent past gold has traded within a narrow range of 24$(1282-1306). By looking at the below chart an upward sloping trend-line support is clearly visible, in which the metal is perfectly holding its command to go higher. The only hurdle which is stopping gold to move up, is at $1306 mark – a support converted resistance area(Solid red coloured line). Momentum indicators are completely neutral, not giving any major signals. If the instrument will able to breach 1306 hurdle, then one can target the 1st move towards $1325 and the 2nd level of target we are expecting at $1340 mark. Convincing break below the upward sloping trend-line support will negate the above view.