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Gold prices (XAUUSD) rose more than 1% on November 19 as investors turned to gold as a safe-haven asset. Uncertainty about Federal Reserve interest rates and high U.S. unemployment data weakened the dollar, opening the way for gold prices to rise.
The chart shows that gold is currently in an upward channel, with strong support at 4,030,000 points. The next targets are 4.12 million and 4.2 million. The RSI also shows that gold may continue to rise in the short term.
Combining technical trends and information from the Federal Reserve, gold is expected to continue rising, and as long as the price remains above the 4.03 million support level, traders can look for buying opportunities.
