The XAUUSD daily chart trades between the upper blue and red bands in its bullish zone. The longer it stays in this area, the higher its chances of price appreciation. The hourly chart has signs of bullishness. Its trend following EMAs and stochastic have crossed positively (black ellipses). However, the price is contending with resistance at the central pivot (P). If the stochastic moves into its upper quintile and holds (blue arrow), the underlying momentum will likely increase the price. However, we note that the positive momentum will wane if the indicator cannot keep the 80+ levels.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.