Illustration photo of Gold Price H4 Chart from fx168.com
In the early Asian market, the gold price rose rapidly and its currently approaching the $1,920 mark. As pointed out by Omkar Godbole, gold price hit the highest level since Nov 9 last year in the Asian market on Monday. Resistance level for gold price settles above $1,960 level.
He pointed out that gold price broke through the five months long downtrend channel. He said that unless the closing price of gold price is above $1,904 per ounce, it will form a bullish breakout and open the room for gold price to rise above $1,965 per ounce.
Besides that, the 14-days RSI has broken through the resistance level at $62.00 and rose to overbought level which indicates bulls for gold price. He also added that the trend of gold price turns to be bearish if the gold price falls below $1,857 per ounce.
FOLLOWME XAU/USD Overall Sentiment (As of 12:25 p.m., Jan 04, 2021),
Short - 44.96%
Long - 55.04%
For information please refer to Omkar Godbole.
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