18/11/2024
XAUUSD(Gold)
Gold is currently rebounding as expected and has broken through the round number resistance of 2,600, and may target the 50-day moving average of $2,651/oz. From a technical perspective, if gold rebounds further, according to the 60-minute chart, the price of gold has completed an upward breakout from the downward channel. The 14-hour relative strength index (RSI) has also rebounded, recovering from oversold conditions. Gold bulls will look for gold to continue the current rebound trend.
The important resistance level for gold is around the 55-day moving average of $2,638/oz. If gold can break through this level, it may target the historical high of $2,790/oz set in late October. Heightened geopolitical tensions in the Middle East and the ongoing conflict between Ukraine and Russia may boost safe-haven flows and benefit gold