Gold Holds 50-Day MA - Breakout Potential Remains
Gold has rallied back sharply after testing its 50-day MA near $2375 earlier today. The precious metal has yet to set a “lower low” since early June, keeping the near-term bullish momentum intact for now.
For this week, traders will be looking to see if XAU/USD can recover back to the $2450 level and ultimately break above the record high at $2485 to clear the way for a continuation toward $2600+ in time.
On the other hand, a close below today’s low and the 50-day EMA would erase the near-term bullish bias and shift the outlook to neutral for more consolidation between $2300 and $2400.
-MW
For this week, traders will be looking to see if XAU/USD can recover back to the $2450 level and ultimately break above the record high at $2485 to clear the way for a continuation toward $2600+ in time.
On the other hand, a close below today’s low and the 50-day EMA would erase the near-term bullish bias and shift the outlook to neutral for more consolidation between $2300 and $2400.
-MW
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