FxWirePro: Gold edges higher towards next stiff resistance, rallies likely to extend but expect little momentum – Leverage returns via one touch

Bulls in Bullion continue to shine after breach above 38.2% fib.ret. – Trade one touch calls as both leading and lagging oscillators signal more rallies:

The gold price has constantly been dragging the rallies ever since it tested the support at 23.6% Fibonacci levels on weekly plotting to the current 1211 levels (refer weekly plotting).

As bulls break major resistance at 1175 marks (i.e. 38.2% fibos) and current price spike above 7EMA with bullish momentum.

We see upside traction for gold prices even on daily plotting as both leading & lagging indicators confirm bullish swings, current prices remain consistently well above 7DMAs heading for the resistance of 1213.18 (i.e. 50% Fibonacci retracements).

The stochastic oscillator has reached overbought region on dailies but no traces of %d crossover and this leading oscillator on weekly term has been popping up with buying pressures as it has shown a clear %k crossover from the oversold region.

While RSI also evidences healthy bullish convergence on both timeframes that indicates the strength in the ongoing uptrend.

MACD, on the other hand, indicates prevailing upswings to prolong further.

Hence, we foresee further upside movements but bull swings may go little flat as it senses struggle to break this significant resistance level.

Trade tips:

On intraday terms, as both stochastic and RSI noise with strong momentum in buying interests as they are converging to the ongoing upswings, we advocate staying long via one touch binary call options for a target of 40-50 pips that could offer you leveraging effects in upswings, one can achieve magnifying effects in returns from spot trades through this binary option trades.