Technical Analysis – Gold creates new bullish wave near record high
Gold rises above short-term SMAs
Stochastics turn down
MACD and RSI still have positive momentum
However, the technical signals are mixed. The stochastic oscillator is heading south from the overbought region; however, the RSI is ticking higher, approaching the 70 level. Moreover, the MACD oscillator is holding above its trigger and zero lines. The 20- and 50-day simple moving averages (SMAs) are pointing higher, while the current market price is standing well above the 200-day SMA.
In the negative scenario, a drop beneath the previous high could lead the market towards the 20-day SMA at 2,460, ahead of the 2,432 support. Even lower, the 50-day SMA at 2,406, which coincides with the short-term uptrend line, may halt downside actions.
All in all, the yellow metal has had a strong bullish tendency in the long- and short-term timeframes, and only a decisive close below the 200-day SMA could change the current outlook.Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
