XAU/USD Technical Outlook – 2, Jan

Gold price is auctioning in an Ascending Triangle chart pattern on a four-hour scale. The horizontal resistance of the aforementioned chart pattern is placed from December 13 high at $1,824.55 while the upward-sloping trendline is plotted from December 16 low at $1,774.36.

Advancing 20-and 50-period Exponential Moving Averages (EMAs) at $1,814.77 and $1,807.43 respectively add to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00 from the 40.00-60.00 range, which indicates more upside ahead.

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