Gold had a bullish continuation breakout to 1452 on Thursday. Will the metal rally further? The following technical analysis is based on the Elliott wave theory | AtoZ Markets
Gold price breaks back above the 20-Day moving yesterday, dominated by bulls lifting the market higher throughout the day.
Gold price has been oscillating between two converging trend-lines over the past three trading sessions. Is XAUUSD vulnerable to slide back below $1400?
Gold rallies back above 1400 after a big drop to 1387. The following technical insight is based on the Elliott wave theory | AtoZ Markets
Gold price is currently unchanged as it is just below $1401.62, and the momentum is still weak and bearish as the RSI points out.
Gold price pulled away from multi-year highs during yesterday’s session after a fail attempt to break above it and consolidated comfortably above the $1400 mark.
Gold price surges during today’s early session and tried to break above the previous week’s multi-year top of $1438.66 per ounce, but quickly retreated.
Gold price extended their pullback, reaching $1383.86 per ounce before retreating and settling above the $1392.8 support level as expected.
As expected, Gold price edged lower during yesterday’s session and continue to do so this morning amid a divergence between the price and momentum.
Gold dropped below 1420 to start a bearish correction. How deep with the dip go? The following technical analysis is based on the Elliott wave theory.