XAU/USD – Looking to buy a dip towards $1203 by Milan Cutkovic

  • Despite USD strength returning in the past 24 hours, Gold remains relatively well bid
  • Short-term techs are bullish; XAU/USD continues to post higher highs and higher lows
  • Daily RSI has stalled at 60, but still not in overbought territory
  • $1180 now the pivotal support level to the downside
  • However, I think losses will be limited and will look to buy a dip towards $1203, which is the Asia open level
  • Silver already tested the weekly open level and had a decent bounce from there
  • Stop will be placed at $1192 with a target of $1230

gold

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