XAU/USD Technical Outlook – 08, Nov

After Friday’s descending triangle formation-led big breakout, Gold price has entered into a phase of upside consolidation while defending the bearish 50-Daily Moving Average (DMA) at $1,673. So long as the abovementioned barrier is held, the bullish potential remains intact for the bullion, with a retest of Friday’s high at $1,683 likely to pave the way toward the $1,700 threshold.

The 14-day Relative Strength Index (RSI) is holding flat above the midline, supporting the recent rally in Gold price.

On a firm break below the 50DMA, sellers will target the triangle resistance-turned-support at $1,658. Further south, the horizontal 21DMA at $1,653 could come to the rescue of bulls.

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