Gold is still well within the bullish channel that began around 1620 and has been trading on the 50% retracement of the move up from the 8th march for a few weeks now. The RSI shows that gold is losing strength and also the 20 SMA is right above the price, which is also bearish.
However, with all that, the trend is still intact and 1930 hasn't been broken. With the fed news today, which side do you pick? Sell at 1970 or buy at 1940? Personally it's wait and see for me.
Please drop a comment.
However, with all that, the trend is still intact and 1930 hasn't been broken. With the fed news today, which side do you pick? Sell at 1970 or buy at 1940? Personally it's wait and see for me.
Please drop a comment.
Note
The fed's hawkish stance weakened gold further and the RSI and SMA proved to be accurate as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.