XAUUSD: Global Outlook

XAUUSD, H4

On the H4, XAUUSD reached a critical resistance area after a short-term bullish impulse, forming a triple-top pattern.

XAUUSD, Daily

In the Daily timeframe, XAUUSD, in a long-term bullish trend, formed a rising wedge pattern. The price reached the upper trend line, almost reaching the ATH. At the same time, gold reached the upper trend line and a divergence formed in the RSI. In this case, two scenarios are possible:

• If the bulls push the price above the resistance area of 2480, XAUUSD will renew the historical high and reach 2565, corresponding to 161.8 Fibonacci;

• A rebound from the resistance area will drop Gold back to support at 2410;