Further to yesterday's article, we note that XAUUSD remains in its bullish area between the upper blue and red bands. This as per the chart on the left. Gold bulls pushed the precious metal price to a high for the week of 2,070.30 before "running out of puff" to the bears. At 2,005, bulls may be looking to get back in, following the unproductive meeting between Ukraine and Russian foreign ministers, Kuleba and Lavrov; as such, Russia will continue to besiege Ukraine's cities. In response, the hourly chart on the right shows bullish crosses for the trend-following EMAs and the momentum oscillator (black ellipses). If the stochastic continues upwards into the 80+ area (blue arrow) and maintains those levels, market participants are likely buying back into the haven.
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.