Gold's recovery momentum was consolidated, then increased again
XAU/USD is likely to move higher. Gold rose above all important MAs, closing the day above the 200-day MA at $1,970. Momentum indicators show positive momentum, with RSI moving higher and consolidating at multi-month highs.
On the H4 frame, gold may soon correct downwards, but the main trend is still up. The nearest support is MA 20 at 1,950.50 USD, and this line is also very far away from other MA lines, reinforcing the upward momentum. The RSI retraced after creating a lower peak, showing a negative divergence, but is still well above the 50 level and in the overbought zone.
On the H4 frame, gold may soon correct downwards, but the main trend is still up. The nearest support is MA 20 at 1,950.50 USD, and this line is also very far away from other MA lines, reinforcing the upward momentum. The RSI retraced after creating a lower peak, showing a negative divergence, but is still well above the 50 level and in the overbought zone.
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