Gold move

19 oct 2023

From a technical perspective, the overnight sustained breakout through the 200-day Simple Moving Average (SMA) and a subsequent strength beyond the $1,947-1,948 supply zone was seen as a fresh trigger for bulls. Moreover, oscillators on the daily chart are holding in the positive territory and are still far from being in the overbought zone. This, in turn, suggests that the path of least resistance for the Gold price is to the upside. That said, it will still be prudent to wait for some follow-through buying beyond the overnight swing high, around the $1,962-1,963 region, before positioning for any further gains. The XAU/USD might then accelerate the momentum towards the $1,982 intermediate hurdle and then aim to reclaim the $2,000 psychological mark for the first time since May.
Gold buy now 1949
Target 1958
Target 1984