FxWirePro: Gold edges above daily cloud, eyes 20-DMA at 1310

Gold chart - Trading View 

• Brexit and U.S.-China trade developments keep safe-haven demand for yen underpinned.
   
• The yellow metal crossed 21-day exponential moving average (EMA) and is trading at 1304.22 at 0610 GMT.
   
• Price action has edged above daily cloud and we see scope for further gains.
   
• Technical studies on the daily charts are turning slightly bullish. MACD is on verge of bullish crossover on signal line.
   
• Stochs have rolled over from oversold levels and RSI has edged above 50, bias higher.
   
• Next bull target lies at 20-DMA at 1310.60 ahead of 50% Fib at 1313.69.
   
• 5-DMA is immediate support at 1296.42. Break below 55-EMA could see dip till 1276.70 (110-EMA).

Call update: Our previous call (https://www.econotimes.com/FxWirePro-Gold-Trade-Idea-Bullish-Divergence-and-1H-200-SMA-Breakout-1509340) has hit TP1/2.

Recommendation: Book partial profits at highs. Hold for further gains.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.