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FX.co ★ Technical review for XAU/USD: gold prices will continue to grow

Technical review for XAU/USD: gold prices will continue to grow

Gold remains in a two-week uptrend, thanks to weakening dollar and growing risk appetite. The pressure in dollar came from falling Treasury yields amid hopes that the Fed may take a pause in raising interest rates after two consecutive rises of 0.50%.

Technical picture:

The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI) is above 50% and is moving horizontally, while the stochastic indicator is in the overbought area.

Possible dynamics:

A rise and consolidation of spot gold above 1857.75 could lead to an increase to 1886.45.

Technical review for XAU/USD: gold prices will continue to grow

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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