Gold Price Technical Outlook-See Topside Breaks in Bullish Channels

Gold (XAU / USD) analysis, prices, charts

  • Bullish channel for weeks under threat
  • The rise in integrated breaks could pave the way for $ 1,960 / ounce.

Technical outlook gold We will continue to be positive, especially if precious metals can see breakouts from bullish channels over the course of several weeks. Gold has risen more than $ 200 / ounce from its March 31 lows, sells back and remains within a well-defined bullish channel. The top side of this channel is once again under threat, and if you take a break and open it here, the psychological $ 1,900 / oz level remains your next target. Here, the 23.6% Fibonacci retracement for the March-August 2020 rally is up at $ 1,928 / oz. There is little technical resistance and it is seen in front of three swing high clusters of $ 1,960 per ounce. And $ 1,974 / oz is coming.

The three simple moving averages are also turning positive, 20dsma is trying to move above 200dsma, but 50dsma is also higher.

Description of Moving Average (MA) for Traders

Gold Daily Price Chart (July 2020 – May 21, 2021)

The client’s emotional data is displayed 75.04% of traders are net long and the ratio of long to short traders is 3.01 to 1... We usually disagree with the sentiment of the crowd, and the fact that traders are netlong suggests that gold prices may continue to fall.Still, traders have less net longs than yesterday, compared to last week.

Recent sentiment changes warn that current gold price trends may soon occur. Despite the fact that traders remain netlong, it reverses higher.

What is Market Sentiment? How does it work?

What is your view gold – Are you bullish or bearish? Please let us know using the form at the end of this work or contact the author. twitter @ nickcawley1..

Gold Price Technical Outlook-See Topside Breaks in Bullish Channels

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