GOLD : The bullish signals are intact
Date of analysis 28 November 17
- Opinion Short Term Positive
- Resistance 1 1316.53USD
- Support 1 1259.89USD
- Opinion Mid Term Neutral
- Support 2 1245.73USD
- Resistance 2 1330.69USD
Above 1259.89 USD the major trend remains bullish. 1316.53 USD and 1330.69 USD are in the line of sight. The breaking of 1259.89 USD would cancel this anticipation and favor a correction toward 1245.73 USD.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. We can see that the bullish potential of the RSI has not been exhausted. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The cross is in a phase of technical recovery. It is above its 50-day moving average but the latter is poorly positioned. In the event of a correction, the first support is at 1259.89 USD, before a test of 1245.73 USD in the case of a breach. To the upside, the resistance at 1316.53 USD is intermediary before the strong level of 1330.69 USD.