GOLD : Wait for a test of the support
- Opinion Short Term Positive
- Resistance 1 1320.54USD
- Support 1 1250.62USD
- Opinion Mid Term Bearish
- Support 2 1234.49USD
- Resistance 2 0USD
Market Dynamics Technical Analysis
Above 1234.49 USD the GOLD is heading toward 1320.54 USD over the short term. Below 1234.49 USD the movement would reverse and then correct toward 1223.73 USD.
The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
Since the recent low at 1266.99 USD the cross has been in a phase of technical recovery towards its 50-day moving average located at 1286.03: the price reaction on this level will allow us to envisage a continuation of the movement in the medium term. To alleviate this position, we could wait to test the short-term resistances located at 1320.54 USD and 0 USD. The supports are at 1250.62 USD then at 1234.49 USD .