Charts of the Week - How Far Can The Gold Rally Go?

Market Analysis /
Axi Team / 19 Feb 2019


* Gold has been benefiting from the risk-off sentiment in equity markets + Dollar weakness

* As risk appetite is now slowly improving, Gold may face difficulties extending the rally in the near-term

* Techs remain bullish overall, but the Weekly RSI has moved into overbought territory

* Heavy resistance expected in the area between $1365 and $1375



* The DAX is struggling to find a direction

* From a technical perspective, the index is currently in a neutral territory between 10.850 and 11.400 points

* It would need a clear break above 11.400 points for bulls to gain the upper hand, and to pave the way for further gains

* On the other side, bulls need 11.850 support to hold or the recovery rally could end soon



* Cable has been rallying today on a short squeeze

* Outlook for the currency remains uncertain amid the on-going drama around Brexit

* Volatility likely to increase even more towards the end of March

* GBP/USD likely to face heavy resistance around the 200 DMA at 1.3010, as well as 1.3200/20


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