Gold technical analysis: Bulls cheer pullback from 10-day EMA

Gold regains its stand above $1,500 after successfully bouncing off 10-day EMA.
Friday’s high becomes the key for now.

Anil Panchal FXStreet

Following its successful bounce off 10-day exponential moving average (EMA), Gold takes the bids to $1507 during the early Asian session on Wednesday.

The yellow metal now heads to Friday’s high around $1528 ahead of questioning the monthly top surrounding $1535.

It should, however, be noted that 14-bar relative strength index (RSI) and 12-bar moving average convergence and divergence (MACD) are less favorable to the bullion’s further upside.

If at all bulls ignore technical indicators, $1,550/55 area can offer an intermediate halt to further north-run towards April 2013 high near $1,600.

Alternatively, a downside break below10-day EMA level of $1,500 will drag the quote to 23.6% Fibonacci retracement of April-August upside, at $1,471.

Gold daily chart

Trend: Bullish

1. R3 1527.7
2. R2 1520.33
3. R1 1508.12
PP 1500.74
1. S1 1488.53
2. S2 1481.16
3. S3 1468.95

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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