XAU/USD Technical Outlook – 29,Dec

On a two-hour scale, the Gold price is trading in a Rising Channel chart pattern that signals volatility contraction. The upper portion of the aforementioned chart pattern is placed from November 15 high at $1,786.55 while the lower portion is plotted from November 28 low at $1,739.82.

The precious metal has picked strength after dropping to near the 100-period Exponential Moving Average (EMA) at $1,802.20. Also, the 200-EMA at $1,793.35 is aiming higher, which indicates that the upside bias is still solid.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which signals that Gold price is awaiting a fresh trigger for a decisive move.

Write a comment

Your email address will not be published. All fields are required