Gold (XAU/USD) - Gold Rallying; Quick Swing Projection
- 4H: Gold has been on fire, and rallying without any significant corrections. In the 1H chart, it is breaking above a narrow wedge/triangle pattern. A swing projection targets 1243.30 area. The RSI in the short-term is above 50, and breaking above 60 for a second time since rallying from below 40, so it is somewhat bullish, although if it does not go above the August 17th high, there is a bearish divergence.
- Day: The daily shows some resistance at 1250.50, then at 1264.88. However, a negative reversal from earlier points to 1294.00 This however has been invalidated since the market broke below the low in May. Now, we can expect some resistance between 1250.50 and 1264.88.
Commodity Trading Advisor
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