Gold is off to a reasonably stable begin this yr, because the rally goes fairly sturdy!

Right here’s a chance to hop in that uptrend.

Gold (XAU/USD) 1-hour Chart by TradingView

The valuable metallic has been cruising larger with its lows linked by a rising pattern line. Are we about to see one other take a look at of assist quickly?

Stochastic appears to be suggesting so, because the oscillator is heading south whereas gold is stalling close to the $1,930 degree.

This might imply {that a} pullback to the Fibonacci retracement ranges is so as. I’ve obtained my eye on the 61.8% degree that’s proper smack in keeping with the pattern line and a former resistance zone!

On the similar time, the 100 SMA is above the 200 SMA to verify bullish momentum and is near the pattern line assist as properly.

To this point, it seems like downbeat U.S. information has been lifting gold costs. In any case, the prospect of the Fed calling it quits with rate of interest hikes could possibly be factor for total financial exercise.

In flip, this might enhance traders’ moods and stoke demand for danger belongings like commodities.

We’ve obtained the U.S. retail gross sales report lined up later this week, and quantity crunchers are predicting one other stoop in shopper spending. If that’s the case, gold could possibly be in for one more leg larger, so don’t miss it!

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