Gold Technical Analysis: Pullback to ascending 5-day MA likely


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Gold is currently trading at $1,340, having clocked a high of $1,346.85 yesterday. 

On the daily chart, the safe haven yellow metal carved out a doji candle yesterday, signaling indecision/bullish exhaustion. Further, on the 4-hour chart, the RSI has diverged in favor of the bears. 

Therefore, the yellow metal could fall back to the ascending 5-day moving average (MA) support, currently lined up $1,335. 

Daily chart

4-hour chart

Trend: Minor correction likely

    1. R3 1373.88
    2. R2 1360.37
    3. R1 1349.63
  1. PP 1336.12
    1. S1 1325.38
    2. S2 1311.87
    3. S3 1301.13

 

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