XAU/USD Technical Outlook

On a four-hour scale, gold prices are establishing above the 38.2% Fibonacci retracement (which is placed from June 12 high at $1,879.26 to July 21 low at $1,680.91) at $1,756.21. An establishment above 38.6% Fibo retracement bolsters the upside potential.

The precious metal is facing hurdles in overstepping the 200-period Exponential Moving Average (EMA) at $1,763.19. Also, the 50-EMA at $1,738.51 is advancing higher, which adds to the upside filters.

The Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which indicates a continuation of bullish momentum ahead.

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