Technical Analysis – Gold flirts with mid-level of Bollinger band
Gold fluctuates within 2,405-2,435
Oscillators continue to hold in positive territories
Gold prices are retreating somewhat near the mid-level of the Bollinger band, moving horizontally within the 2,405-2,435 region in the 4-hour chart. However, the commodity is still developing above the short-term uptrend line, failing to post a notable downside correction.
Technically, the MACD is travelling beneath its trigger line above the zero level, while the RSI is pointing marginally north near the neutral threshold of 50.
If buyers stay in play, the door will open again for the 2,435 resistance level. Running higher, the price will have to face the record high of 2,450 before meeting the round number of 2,500.
Should the bears press the price below 2,405, it may prevent a downfall towards the uptrend line and the 50-day SMA, which overlaps with the lower Bollinger band at 2,384. If the latter gives way too, the decline could continue towards the 2,370 barricade.
In a nutshell, gold is still bullish in the short- and long-term timeframes despite the latest dive from the all-time high.To continue reading this article in full, log in to your Members Area
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