Gold prices have been climbing nicely, but moves have been gradual. What’s next?
Here is their view, courtesy of eFXdata:
NAB discusses Gold (XAU) technical outlook and flags a bullish setup targeting $1360.
“Since bottoming at 1160 in August 2018, the price has rallied without any major correction, highlighting a powerful and sustainable uptrend. The impulsive decline in 2018 has left a void of resistance levels ahead of major resistance at 1360,” NAB notes.
“Current uptrend targets a retest of five-year trend resistance, now at 1360. The response to 1360 will be closely watched. A monthly close above 1360 would complete a most bullish LT trigger. Only a weekly close towards/below 1305 would threaten the immediate uptrend bias,” NAB adds.
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