Gold: The largely neutral tone to the outlook persists now [Video]
|Gold
Gold closing tentatively higher on Friday has settled immediate fears of a renewed downside momentum build up, but the largely neutral tone to the outlook persists now. Daily momentum indicators are sitting very much around neutral levels, with RSI and Stochastics flat but a shade above 50, whilst MACD lines are flat but a shade above neutral. We continue to take any support on gold above the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 as being marginally positive for the gold outlook. However the bulls need to pull above $1973 to really push towards the key near term resistance of $2015. The hourly chart shows support holding above $1937/$1940 pivot band which sustains the mild positive bias, however, indicators appear neutralised still and the bulls unable to push forward. A move above Friday’s high of $1960 would be an indication of something moving, but for now, it is very difficult to get excited about gold.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.