Thursday, October 28, 2021


Nascent XAU/USD bull to knock on the $1980 door – DBS Financial institution

As Benjamin Wong, Strategist at DBS Financial institution, notes, XAU/USD’s technical chart reveals the potential for a near-term bullish inverse…

By Staff , in Gold , at October 27, 2021


As Benjamin Wong, Strategist at DBS Financial institution, notes, XAU/USD’s technical chart reveals the potential for a near-term bullish inverse head-and-shoulders sample, that requires a break over $1830 for validation. As soon as validated, gold would open up additional upside.

The steadiness of dangers seems to be siding with a nascent bull

“Gold is quietly making a bullish inverse head-and-shoulders since June – thus the nascent gold bull is quietly knocking on the door. The neckline stands round $1830, for that sample to take off. A secondary affirmation in all probability requires gold to surmount and maintain over the weekly Ichimoku’ cloud fringe resistance at $1873. 

“Ought to the inverse head-and-shoulders sample get validated, gold would goal the upside into $1930, maybe even $1980 (over the June highs). A break underneath $1720 would nevertheless nullify this potential sample.”

See – Gold Value Forecast: XAU/USD to go on the topside as soon as above $1813/42 – Commerzbank

 



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