Gold price rebounds to $2,170 but trades inside Thursday’s trading range. The precious metal has been confined in a range between $2,153 and $2,180 in the last three trading sessions, indicating indecisiveness among market participants. The yellow metal exhibits a Symmetrical Triangle formation on an hourly timeframe, which indicates a sharp volatility contraction.
On a daily timeframe, an advancing 20-day Exponential Moving Average (EMA) near $2,115 indicates that the near-term demand is still strong. Still, any upside is expected to remain restricted.
The 14-Relative Strength Index (RSI) retraces from its peak near 84.50, although the upside momentum is still active
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now