- Gold's MACD histogram has turned bearish for first since late November.
- The price chart, however, is signaling a bullish revival.
A gold price indicator is offering a bearish signal for the first time in nearly two months.
The MACD histogram, an indicator used to identify trend changes and gauge trend strength, has crossed below zero, confirming a bearish reversal. The indicator was last seen printing negative values on Nov. 28.
The metal created a big hammer-like candle with a long lower shadow on Tuesday, a sign of seller exhaustion. More importantly, the metal rose by 0.64% on the following day, validating the seller exhaustion signaled by Tuesday's candle and confirming a bullish reversal.
Indicators tend to lag prices, therefore, traders can take the bearish reading on the MACD with a pinch of salt, especially since the price chart is flashing signs of bullish revival.
Gold could break above immediate resistance at $1,558 and challenge the lower high at $1,563. On the downside, key support is located at $1,536. At press time, the yellow metal is trading at $1,553 per Oz.
|Today last price||1553.22|
|Today Daily Change||-0.64|
|Today Daily Change %||-0.04|
|Today daily open||1553.86|
|Previous Daily High||1558.15|
|Previous Daily Low||1548.3|
|Previous Weekly High||1611.3|
|Previous Weekly Low||1540.3|
|Previous Monthly High||1525.1|
|Previous Monthly Low||1454.05|
|Daily Fibonacci 38.2%||1552.06|
|Daily Fibonacci 61.8%||1554.39|
|Daily Pivot Point S1||1548.72|
|Daily Pivot Point S2||1543.59|
|Daily Pivot Point S3||1538.87|
|Daily Pivot Point R1||1558.57|
|Daily Pivot Point R2||1563.29|
|Daily Pivot Point R3||1568.42|
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