Gold CPI News confirm target
Updated
Gold price rebounded firmly from the critical 200-day Simple Moving Average (SMA) at $1,935 on Monday but remains at risk of further decline as the 14-day Relative Strength Index (RSI) continues to hold below the 50 level.
Daily closing below the latter is needed to fuel a sustained downtrend. The initial demand area will be then seen near $1,925, where the 100-day SMA and 50-day SMA hang around.
If the above support fails to hold, a sharp drop toward the October 16 low of $1,908 cannot be ruled out.
On the road to recovery, Gold buyers will need to take out Friday’s high of $1,961 to recapture the 21-day SMA at $1,970 en-route the $1,980 round figure.
Gold buy confirm 1973 my target
Daily closing below the latter is needed to fuel a sustained downtrend. The initial demand area will be then seen near $1,925, where the 100-day SMA and 50-day SMA hang around.
If the above support fails to hold, a sharp drop toward the October 16 low of $1,908 cannot be ruled out.
On the road to recovery, Gold buyers will need to take out Friday’s high of $1,961 to recapture the 21-day SMA at $1,970 en-route the $1,980 round figure.
Gold buy confirm 1973 my target
Note
Check my analysisNote
Gold confirm tradeNote
260 pips target hitNote
Follow My ChartNote
Support us
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.