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12.11.2021 10:21 PM
Gold further growth expected

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Gold uptrend

Gold was trading at the 1,864.97 level at the time of writing. As you can see, it has moved sideways between 1,725.28 and 1,832.74 levels. Now it has escaped from this range movement ignoring the 1,832.74 level which represented an upside obstacle.

Technically, XAU/USD is somehow expected to resume its growth despite minor and temporary declines. The higher high of 1,912.80 is seen as a major upside target, as an upside obstacle.

Gold prediction

After its aggressive growth, we cannot exclude a temporary decline. So, a minor retreat or a sideways movement could bring new buying opportunities. As long as it's traded above 1,832.74, Gold could resume its growth.

From the technical point of view, its breakout above 1,832.74 was seen as a buying opportunity. Further growth could be invalidated only by a drop below 1,832.74.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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