FX.co ★ Technical review for XAU/USD: gold may rally again

Gold is in a two-week uptrend, thanks to the weakening dollar demand, which was influenced by the fall in US Treasury yields. If the Fed minutes published today do not show something new, then it is likely that gold will see continued demand and local price increase.

technical picture:

The quote is above the middle line of the Bollinger indicator, below the SMA 5, but above the SMA 14. The relative strength index (RSI) is above 50% and is declining, similar to the stochastic indicator.

Possible dynamics:

A consolidation of spot gold above 1858.85 may lead to an increase to 1890.00, which is the 50% retracement level.