Gold - Break and Retest
After a long consolidation, Gold broke 2530 last Thursday and the move to the upside
was sustained into Friday.
Price is clearly Overbought, as displayed in the RSI.
Look for price to move back to a point of Equilibrium
1. Tenkan Sen - the 9 period midpoint of price @ 2549. Close to the Fibonacci .50 level.
2. Kijun Sen - the 26 period midpoint of price @ 2540. Close to the Fibonacci .618 level.
It is possible for price to retest 2530 now as Support.
With the anticipated Fed Rate Cut later in the week, all eyes on $2600 for this pair.
was sustained into Friday.
Price is clearly Overbought, as displayed in the RSI.
Look for price to move back to a point of Equilibrium
1. Tenkan Sen - the 9 period midpoint of price @ 2549. Close to the Fibonacci .50 level.
2. Kijun Sen - the 26 period midpoint of price @ 2540. Close to the Fibonacci .618 level.
It is possible for price to retest 2530 now as Support.
With the anticipated Fed Rate Cut later in the week, all eyes on $2600 for this pair.
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