Gold - medium term bullish bias
The bullion has been rising along the moving averages as traders increased their bets on the safe haven metal since late May. The latest pullback in a shape of a flag saw some profit-takings, and the RSI indicator retreated into the neutral area. However, the bullish sentiment remains strong, as the price is now attempting to break out on the upside, we may expect a continuation of the uptrend for the rest of the year. 1480 will be a critical level to support the next wave of rally.
Key support: 1480
Key resistance: 1555
The bullion has been rising along the moving averages as traders increased their bets on the safe haven metal since late May. The latest pullback in a shape of a flag saw some profit-takings, and the RSI indicator retreated into the neutral area. However, the bullish sentiment remains strong, as the price is now attempting to break out on the upside, we may expect a continuation of the uptrend for the rest of the year. 1480 will be a critical level to support the next wave of rally.
Key support: 1480
Key resistance: 1555
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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.