We are seeing a very interesting technical situation on gold. Potentially, we can talk about a saucer formation or an inverted head-and-shoulders formation. Looking at the scope of this formation, the target would be around $2110 per ounce. However, first there would have to be a test of the area around the 2060 point level, where the neckline is located. It is worth noting that gold is currently highly correlated with TNOTE, while in the case of the correlation with the EURUSD we are observing some divergence. The EURUSD pair has been falling faster recently than it has been for gold.
We are currently seeing a rebound from around the uptrend line and the 23.6 retracement. If gold rises to the vicinity of $2035 per ounce, further upward movement is more likely.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
