Gold's corrective bounce from the lows near $1,280 seen yesterday seems to have run its course and prices could revisit $1,290, the hourly and 4-hour charts indicate. As of writing, the yellow metal is trading at $1,297, having hit a high of $1,300.80 on Friday.
The bearish divergence of the relative strength index (RSI) and the bearish crossover on the moving average convergence divergence (MACD) indicate prices could fall back to the ascending trendline support, currently at $1,290.
Multiple doji candles on the above chart represent indecision in the market place and could invite strong selling pressure.
- R3 1327.77
- R2 1314.23
- R1 1307.17
- PP 1293.63
- S1 1286.57
- S2 1273.03
- S3 1265.97
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.