XAUUSD Recovers

XAUUSD CHART PRICE – XAUUSD DAILY

Gold has been recovering after three terrible days in the market last week, driven down by fundamental factors which have helped bring the Relative Strength Index back into a tolerance area, and perhaps this could drive its price to a new high, market uncertainty forces investors to seek for a safer investment, after all Gold is known as a safe haven, we see that the bollinger bands are getting narrower, this could slow down the progress of gold a bit, after reaching its support level it bounced back quite fast, with new highs on the main Indices it’s also really hard to know when gold will take a plunge, in the meantime the moving averages indicate that the uptrend could continue, the price trades over the Ichimoku cloud and the RSI is still not overbought, although we could see this change very fast.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.