fundermental analysis
The hourly chart shows gold has broken above the pennant's resistance at $ 1851.48, although the price will need to close hourly above it to confirm a breakout out of the pattern.
The bulls are probing the 50-hour moving average (HMA) sloping down at $ 1858, with the Relative Strength Index (RSI) recapturing the moving average and is currently moving up at 58.07.
Next resistance is pending at $ 1890, the 100-HMA line is sloping down.
If buyers are rejected at 50-HMA, it cannot be ruled out that the price will retrace back to the resistance of the current pattern, which is the support around $ 1852. Below, the horizontal 21-HMA line at $ 1847 might provide some support, below which, the pattern's support at $ 1842 will emerge.
The bulls are probing the 50-hour moving average (HMA) sloping down at $ 1858, with the Relative Strength Index (RSI) recapturing the moving average and is currently moving up at 58.07.
Next resistance is pending at $ 1890, the 100-HMA line is sloping down.
If buyers are rejected at 50-HMA, it cannot be ruled out that the price will retrace back to the resistance of the current pattern, which is the support around $ 1852. Below, the horizontal 21-HMA line at $ 1847 might provide some support, below which, the pattern's support at $ 1842 will emerge.
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