Analysis

Gold: Wll be chances to buy for medium to longer term upside [Video]

Gold

The immediate technical rebound from Tuesday’s sharp decline as clouded the outlook slightly on oil once more, however, looks not to have been enough to put the bulls back in the driving seat. The sharp negative candle is still the over-riding near term technical feature, and is one that is weighing on technical indicators. Daily Stochastics and RSI are beginning to drift lower, whilst MACD lines are flattening around neutral. The hourly chart reflects this deterioration in configuration, with the hourly RSI failing consistently under 60 and MACD lines consistently under neutral now. It is also interesting to see yesterday’s rally faltering under the near term overhead supply between $1584/$1610, with a potential lower high at $1600. There is a mild negative bias now forming, suggesting that this rally is fading and that pressure on the $1553/$1560 band of support is preferred. We still see near term corrective moves (which we believe this to be still in process) will be chances to buy for medium to longer term upside and a retest of highs in due course.

 

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.