Gold (D) - short term bearish bias
After shooting through its 3-month consolidation range and above 1550, bullion went all the way up to the March 2013 high of 1610. The spike and an over-bought RSI were signs of an over-extension. The 20-day moving average crossed above the 30-day one, which suggests the bullish trend has now resumed. Nevertheless, we would expect the price to pull back for the next few days as buyers take some chips off the table. Trend followers are likely to join as gold looks for support around the averages.
Key support: 1520
Key resistance: 1563
After shooting through its 3-month consolidation range and above 1550, bullion went all the way up to the March 2013 high of 1610. The spike and an over-bought RSI were signs of an over-extension. The 20-day moving average crossed above the 30-day one, which suggests the bullish trend has now resumed. Nevertheless, we would expect the price to pull back for the next few days as buyers take some chips off the table. Trend followers are likely to join as gold looks for support around the averages.
Key support: 1520
Key resistance: 1563
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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.