XAU/USD Technical outlook – 11, Nov

Gold price is seeing a brief so-called bull flag formation on the daily timeframe, taking cues from the recent price action.

Therefore, another leg higher cannot be ruled out toward the $1,800 mark, especially after the bright metal closed Thursday above the psychological $1,750 barrier. The bearish 200-Daily Moving Average (DMA) aligns near the $1,800 level.

The bullish 14-day Relative Strength Index (RSI) still lurks beneath the overbought territory, suggesting that there is more room to the upside.

Before resuming the uptrend, Gold price could correct toward the $1,740 round figure, below which the October high at $1,730 will be back in play

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