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Weak Dollar Fill Life into Gold, XAU/USD Reached The 1208 Level

XAU/USD Forecast

XAU/USD reached the 1208 level as anticipated after prices climbed above the 1200.20-1199 area and penetrated the 4-hourly Ichimoku cloud. 

The market is trying to find support in the 1204/3 area, which was broken yesterday. The short-term charts are slightly bullish at the moment.




On the off chance that the bulls can hold costs over the 4-hourly cloud, they may return to the 1208 level. A maintained break over 1208 proposes a bullish continuation towards the everyday cloud. All things considered, search for encouraging upside with 1214-1212.40 and 1218 as targets. 



In any case, if costs get back underneath 1204/3, anticipate that a pullback will the 4-hourly cloud. On the H4 outline, the base of the cloud and the Kijun-sen meet in the 1199/8 region so the bears should catch this camp to challenge 1196/5. A break underneath 1195 could take us back to 1192/0.

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