XAUUSD (1H) - short term bullish bias
The fall in the bullion price might have come to a halt as the RSI dipped into the over-sold territory. The divergence between the indicator and the price action foreshadows a corrective rally. A pullback for the moment unless a break above 1500 triggers a full-blown continuation of the bullish trend. The bullish MA cross adds more weight to the optimistic argument. We expect the metal to inch up to 1472 and even 1490 should the rally gains traction.
Key support: 1455/1447
Key resistance: 1472/1490
The fall in the bullion price might have come to a halt as the RSI dipped into the over-sold territory. The divergence between the indicator and the price action foreshadows a corrective rally. A pullback for the moment unless a break above 1500 triggers a full-blown continuation of the bullish trend. The bullish MA cross adds more weight to the optimistic argument. We expect the metal to inch up to 1472 and even 1490 should the rally gains traction.
Key support: 1455/1447
Key resistance: 1472/1490