- The XAU / USD confirms the breakout of the symmetrical triangle on the 4-hour chart.
- Acceptance above the 100 hourly SMA is critical to triggering the further rally.
- The 200 hourly SMA at $ 1,863 is the next bullish target amid a bullish RSI.
Gold (XAU / USD) has rallied quickly after meeting buyers once again in the $ 1,833 region.
That level is the powerful confluence of the horizontal trend line support and the 200 hourly moving average.
Therefore, the bulls remain hopeful as long as that level is defended. If not, the next relevant support is at the bullishly sloping 100 hourly SMA at $ 1,829.
A sharp drop towards $ 1,800 cannot be ruled out if selling pressure intensifies.
On the other hand, the XAU / USD bulls have recovered the critical hurdle of $ 1,841, which is the convergence of the 21 and 50 hour SMAs.
Buyers are now targeting the psychological level of $ 1,850 once again, above which the multi-day highs of $ 1,856 could be tested.
The RSI has turned flat but remains above the midline, which leaves room for further recovery.
Gold 1 hour chart
Gold technical levels
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