Gold: Break of $1750 to find higher resistances
|Gold is trading around $1710 and above the $1750 level the yellow metal is set to look for higher resistances, Rajan Dhall from FXStreet reports.
Key quotes
“The structure of the gold chart is not as bullish as most of the indices but it is definitely not as bearish as the dollar index. This leaves the precious metal in somewhat of a conundrum.”
“There is still a lower high lower low pattern. If the $1750 per troy ounce level is broken then this pattern becomes obsolete and analysts can look for higher levels once more. Until that point, the Fib extensions on the downside could be the potential targets.”
“At the moment, the 200 Simple Moving Average is providing some resistance and the price is also under the 55 Exponential Moving Average. The Relative Strength Index indicator has pulled away from the oversold zone allowing some more space for another move to the downside while the MACD is still very much in bearish territory.”
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.