December 05, 2016 Gold Price Prediction
EUR/USD is down to test a key support level and 2016 lows at 1.0517 with a low of 1.0533 so far on the prospects of Renzi resigning after a no vote win in the Italian referendum.
EUR/USD opened the day with a bearish gap as exit polls showed the 'No' vote heavily in the lead.
EUR/USD exchange rate is 1.0555.
Our Recommendation:
It is recommended to sell as it is going down.
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EUR/USD opened the day with a bearish gap as exit polls showed the 'No' vote heavily in the lead.
EUR/USD exchange rate is 1.0555.
Our Recommendation:
It is recommended to sell as it is going down.
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The gold market remains oversold as the RSI (relative strength index) is printing a reading of 26, which is below the oversold trigger level of 30 and could foreshadow a correction. Momentum remain negative as the MACD (moving average convergence divergence) index prints in the black, but the trajectory has flattened reflecting consolidation.
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