XAU/USD dribbles within $30 range as Fed Minutes tonight...
Gold price remains inactive between the 100-day Exponential Moving Average (EMA) and 50-day EMA following its break of the three-month-old support line, now resistance. Adding strength to the downside bias are the bearish MACD signals and a two-week-old descending trend line.
It’s worth noting, however, that the nearly oversold conditions of RSI (14) highlight the importance of the 100-day EMA level of $1,821 as the key support.
On the contrary, a downward-sloping resistance line from February 09, close to $1,838 restricts the XAU/USD’s immediate upside ahead of the 50-day EMA, near $1,853 by the press time.
Hence, the Gold price stays on the bear’s radar unless breaking the support-turned-resistance line from late November, close to $1,916, but the room for metal appears limited.
My guess is more downside coming...
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.