29 November 2017, 08:58
Dragan Drenjanin

GOLD : The bullish signals are intact
Date of analysis 29 November 17

Opinion Short Term Positive
Resistance 1 1325.7USD
Support 1 1260.54USD
Opinion Mid Term Neutral
Support 2 1246.06USD
Resistance 2 1340.18USD

Above 1260.54 USD the major trend remains bullish. 1325.7 USD and 1340.18 USD are in the line of sight. The breaking of 1260.54 USD would cancel this anticipation and favor a correction toward 1246.06 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.

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 1260.54 USD, before a test of 1246.06 USD in the case of a breach. To the upside, the resistance at 1325.7 USD is intermediary before the strong level of 1340.18 USD.
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