Gold Price Forecast: XAU/USD Aims Higher as Fed Downplays Early Balance Sheet Taper

29 April 2021

Chart prepared by Daniel Moss, created with Tradingview

From a technical perspective, Dogecoin’s outlook appears overtly bullish, as price consolidates in a Bull Flag continuation pattern above key support at the 50% Fibonacci (0.2407).

With volume notably declining throughout the recent pullback, and the MACD and RSI tracking firmly above their respective neutral midpoints, the path of least resistance seems skewed to the topside.

A daily close above the yearly high (0.4481) is required to validate the bullish continuation pattern and carve a path for price to challenge the 100% Fibonacci (0.5619). The pattern’s implied measured move suggests that buyers could drive the price to test the 161.8% Fibonacci (0.8132).

However, if range support at 0.2287 – 0.2521 gives way, a pullback to the trend-defining 55-EMA (0.1572) could be on the cards.