Are Gold bulls exhausted?

Gold bulls take a rest after record rally to $2,882.
A potential decline could be contained above $2,843.

Christina Parthenidou XM

Gold bulls are taking a breather after a powerful rally to a new all-time high of $2,882. Although sellers tried to push the price lower earlier today, the upper band of the broken bullish channel added a footing under the price near $2,855.

With the RSI peaking in the overbought zone and the stochastic oscillator sailing southwards, a cooldown is likely but it could be temporary if the 20-period simple moving average (SMA) at $2,843 comes to the rescue once again. A break lower, however, could motivate some profit taking toward $2,810, with further declines to $2,790 or even $2,735 if bearish momentum accelerates.

On the upside, if gold reclaims $2,870, the next key test is the $2,900 psychological level, followed by $2,945.

Overall, the bottom line is that gold’s record rally has hit a hurdle at $2,870, but the bulls remain in control unless $2,840 gives way.

Author

Christina Parthenidou

Christina joined the XM investment research department in May 2017. She holds a master degree in Economics and Business from the Erasmus University Rotterdam with a specialization in International economics.

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