There has been a shift in gold over the last few weeks which had led to the precious metal pushing higher but the next distribution area looks like it could be a tough nut to crack, as FXStreet’s analyst Rajan Dhall notes. Key quotes “Previously the USD became the safe-haven asset of choice as a scramble of cash ensued. Now that moment has passed the reality is settling in and gold is soaring.” “Looking closer at the weekly chart, the price has broken the last wave high at USD 1703.27. This is a great sign as there is now another higher high higher low printed.” “The next major wave high is the line around $1800.00. Beyond that, the next major high is the line at $1912.14 and that one is the all-time high. “The RSI is showing a bearish signal called divergence and this indicates the upside momentum might be slowing down. If you are long I don’t think it is a strong enough reason to close out your positions but it is just something to be aware of.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Currencies: A long road back from hell for the US dollar – Rabobank FX Street 2 years There has been a shift in gold over the last few weeks which had led to the precious metal pushing higher but the next distribution area looks like it could be a tough nut to crack, as FXStreet’s analyst Rajan Dhall notes. Key quotes “Previously the USD became the safe-haven asset of choice as a scramble of cash ensued. Now that moment has passed the reality is settling in and gold is soaring.” “Looking closer at the weekly chart, the price has broken the last wave high at USD 1703.27. This is a great sign as there is now another… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
