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.

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 
  1. PP 1500.74
    1. S1  1488.53
    2. S2  1481.16
    3. S3  1468.95

 

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