Gold has moved another 0.74% higher to hit a high of USD 1,818.17 per troy ounce on Wednesday. The momentum still looks good on the daily chart. Gold daily chart The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high. Both the indicators are looking positive with the MACD histogram still green and the bars are still increasing in size. The signal lines are also still elevated and they have not had a bearish cross just yet. The Relative Strength Index indicator is in the overbought zone but in the past, it has stayed there for a while before the price dropped off. Gold monthly chart The monthly chart highlights the levels that the bulls are targeting in the precious metal. It is also a slightly better angle to see the most recent resistance break. Both the indicators on this timeframe also look like showing no signs of slowing down. It is important to remember any blip or wave lower on the daily and intraday charts will not show up to well on this timeframe. The key target for the bulls is now the all-time high of USD 1921.07. Additional levels 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 Wall Street Close: Bulls take back the baton, shrug-off 3 million US COVID-19 cases FX Street 3 years Gold has moved another 0.74% higher to hit a high of USD 1,818.17 per troy ounce on Wednesday. The momentum still looks good on the daily chart. Gold daily chart The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high. Both the indicators are looking positive with the MACD histogram still green and the bars are still increasing in size. The signal lines are also still elevated and… 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.
