Gold snapped its five-day winning streak with a 0.19 percent gain on Thursday, confirming a bullish divergence of the relative strength index on the 4-hour and hourly charts.
- As seen above, the RSI carved out a higher low yesterday as opposed to a new lower low on price and has found acceptance above 30.00.
- The bullish divergence indicates scope for a corrective bounce to $1,280-$1,285 resistance zone in the first half of the next week.
- The divergence, however, would fail if the price finds acceptance under the previous day’s low of $1,270.
- As of writing, the yellow metal is changing hands at $1,275 per Oz.
Trend: Corrective bounce
|Today last price||1274.43|
|Today Daily Change||0.00|
|Today Daily Change %||0.00|
|Today daily open||1274.43|
|Previous Daily High||1277.72|
|Previous Daily Low||1271.35|
|Previous Weekly High||1310.7|
|Previous Weekly Low||1288.7|
|Previous Monthly High||1327.8|
|Previous Monthly Low||1280.1|
|Daily Fibonacci 38.2%||1275.29|
|Daily Fibonacci 61.8%||1273.79|
|Daily Pivot Point S1||1271.28|
|Daily Pivot Point S2||1268.13|
|Daily Pivot Point S3||1264.9|
|Daily Pivot Point R1||1277.65|
|Daily Pivot Point R2||1280.88|
|Daily Pivot Point R3||1284.03|
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