https://www.cmcmarkets.com/en-au/news-and-analysis/can-the-gold-rush-continue

Earlier in October we discussed the possibility of a gold rally towards USD$1235 (Fibonacci 38.2% retracement) in a higher risk aversion environment, and a potential MACD bullish crossover. Since then, gold prices initially entered a consolidation phase until the inflection point at $1235 was breached this week, on higher geopolitical uncertainties and market volatility. The potential for a further rally in gold prices could be ahead. 

On a daily chart, a candle appeared with a rejection tail above the level of USD$1235, suggesting the grounds for more upward movement could be fortifying. The MACD (12, 26, 9) signals a ramp-up of momentum. A risk-off mode or a softer US dollar could see gold prices move towards the critical psychological level at USD$ 1250, and the next to level watch could be at USD$ 1265. 

 

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