Subscribe to RSS

XAU/USD: Symmetrical triangle bullish breakout finally! Targets 200-DMA

The XAU/USD pair (gold prices in terms of the US dollar) finally gave a symmetrical triangle breakout to the upside on closing basis on Friday and rose sharply higher to fresh 3-month highs at 1159.71, before retracing slight at close near 1156 levels. The prices rallied to fresh tops after the dovish Fed minutes triggered a renewed US dollar sell-off. The Fed minutes turned out to be mixed and markets almost believed that Fed rate-hike this year is out. Thus, smashing the US dollar across the board and bolstering the non-interest bearing gold. Moreover, the solid performance witnessed in the commodity-space, with base-metals and oil prices rallying, also lifted the sentiment around the yellow metal.

At the moment, XAU/USD leaps to 1166.73, recording a 0.88% gain so far, as the continued weakness in the greenback and firmer commodity prices boost the bullion to the highest levels seen since August 24. Moreover, gold also got a lift from the CFTC COT report released on Friday. The report showed that the hedge funds and money managers raised their bullish bets in COMEX gold and silver to four-month highs in the week ended Oct. 6. In the day ahead, the prices are expected to remain buoyed amid low volumes as the Japanese, US and Canadian markets remain closed on their respective public holidays.

Technicals – Aiming higher to conquer 200-DMA

On daily charts, the pair jumps higher for the second straight session, after opening slightly below Friday’s close at 1155.81. The prices remain strongly bid and now targets the upside barrier at 200-DMA (1177.25), above the immediate resistance at 1170-1171.60 (Aug 24 High & Fib 127.20% retracement of the Sept 24-Oct 2 decline) amid thin trading today. A failure to break beyond the last, the prices could revert towards the daily lows of 1154.87, below which floors would open for a test of 1150 levels, which represents the confluence zone of the symmetrical triangle resistance-turned support and the bullish 5-DMA. However, the downside appears limited as the daily RSI heads north around 64 and points towards further advances.

XAUUSD

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

FIFA World Cup Football Matches Tournament – FBS

FIFA World Cup Football Matches Tournament – FBS(0)

FIFA World Cup Football Matches Tournament. Participate in the contest and win the visit to the biggest football tournament of the year in Russia. Link: FIFA World Cup Football Tournament Link:  Just Share a Greeting Card and Gifts Link:  $50 Free Will be credited to Your Account Link:  $88.8 Forex No Deposit Bonus Link:  $123 Forex

100% Withdrawable Deposit Bonus up to $5000 – NordFX

100% Withdrawable Deposit Bonus up to $5000 – NordFX(0)

100% Withdrawable Forex Deposit Bonus up to $5000. The 100% Withdrawable Deposit Bonus and the initial deposit can be withdrawn after the required number of lots is closed. Profits can be withdrawn without restrictions. Link:  Demo Cup contest prize fund is $42000 Link:  100% Withdrawable Deposit Bonus Link:  55% Deposit Bonus Promotion Available to: All

50% First Deposit Bonus Prom – Hirose Financial UK

50% First Deposit Bonus Prom – Hirose Financial UK(0)

50% First Deposit Bonus Promo Maximum Bonus Amount is $1000 for all customers. The 50% Special Bonus offer for Hirose Financial UK customers who make a deposit to Binary Options account. They can withdraw deposit and profit at anytime!! Link:  50% Deposit Bonus Promotion Available to: All new traders Bonus Offer: 50% Special Bonus offer

200% Pending Bonus for your Next Deposits – CTTrade

200% Pending Bonus for your Next Deposits – CTTrade(0)

200% Pending Bonus for the Next Deposits. Just make the re-deposit and during the day we will credit your 200% Pending Bonus. Link:  200% Pending Bonus for the Next Deposits Available to: All new account How to get Pending Bonus? Just make the re-deposit and during the day we will credit your bonus. This bonus

Free SERENITY Tokens New Year Promotion – Grand Capital

Free SERENITY Tokens New Year Promotion – Grand Capital(0)

Receive free SERENITY tokens for Forex, futures and cryptocurrency trading. The promotions is supported by SERENITY. The objective is to promote and brand the platform as a secure trading solution for trader Link:  Receive free SERENITY tokens for trading Link:  $500 Forex No Deposit Welcome Bonus Link:  Up to 444% Profit Receive for a single

$500 Chinese New Year Welcome Cash Bonus – ForexTime

$500 Chinese New Year Welcome Cash Bonus – ForexTime(0)

500 USD Chinese New Year with Cash Bonus Giveaway Promotion. Blessings for the Chinese New Year from ForexTime Get up to $500 Cash Bonus Giveaway Promotion. FXTM Link:  $500 Welcome Cash Bonus Promo Link:  Start Copy Trading your Perfect Partner Link:  $25 Per Referral Earn up to $10000 Link:  Receive $30 Tradeable Credit Free Bonus

The Ultimate IB Ride Forex Contest Promotion – Tickmill

The Ultimate IB Ride Forex Contest Promotion – Tickmill(0)

The Ultimate IB Ride Forex Contest. The Ultimate Forex IB Ride Contest Promotion is only available for clients of Tickmill Ltd. (FSA Regulated) Link:  The Ultimate IB Ride Forex Contest. Link:  $30 Free Welcome Bonus Promotion Link:  Weekly Demo Race Trading Contest Link:  Forex Monthly Live Trading Contest Available to: All new traders Bonus Offer:

10% to 40% Discounts Buy with ICO Tokens – Serenity

10% to 40% Discounts Buy with ICO Tokens – Serenity(0)

Buy Serenity ICO Tokens with Discounts of 40% to 10%! to all new account holder. The First Blockchain Escrow for Financial and Cryptocurrency Markets Serenity ICO Tokens Link:  Buy Serenity ICO Tokens with Discounts of 40% to 10%! Link:  Free SERENITY Tokens for Trading Link:  444% Profit Receive for a single trade Link:  $500 Forex

$6000 First Deposit Bonus Limited Time Promo – XTrade

$6000 First Deposit Bonus Limited Time Promo – XTrade(0)

Up to $6000 FX Deposit Bonus Limited Time Promo on all Deposits for all Customers. Become an XTrade customer, and get 60% Forex Special bonuses  on all deposits made during your first 7 days Link: $25 Free Cash Bonus No Deposit Required Link: $30 Account Verification Free Cash Bonus Link:  60% Forex Deposit Bonus Promotion

$500 to $5000 Forex Free No Deposit Bonus – InstaForex

$500 to $5000 Forex Free No Deposit Bonus – InstaForex(0)

InstaForex $500 to $5000 No Deposit Bonus is a great opportunity to start Live trading. With the $500 to $5000 Free Bonus you will be able to participate in our unsurpassed quality of order execution in live trading conditions with no risk and personal investments. Link:  Up to $5000 No Deposit Free Bonus Link:  $500

read more

Forex Featured BrokerSocial Trading

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories