Gold (1H) - short term bullish bias
The precious metal met stiff selling pressure at the 30-day moving average last week. The sell-off cooled downed after it showed signs of over-extension with the RSI indicator below 30. The latest recovery is a combination of sellers taking profits and buyers buying the dip. As the price makes higher highs and moves above the moving averages, sentiment seems to be turning around, for now. We would expect the bullion price to recover above 1470 as optimism grows.
Key support: 1462
Key resistance: 1474
The precious metal met stiff selling pressure at the 30-day moving average last week. The sell-off cooled downed after it showed signs of over-extension with the RSI indicator below 30. The latest recovery is a combination of sellers taking profits and buyers buying the dip. As the price makes higher highs and moves above the moving averages, sentiment seems to be turning around, for now. We would expect the bullion price to recover above 1470 as optimism grows.
Key support: 1462
Key resistance: 1474
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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.