Today GOLD - Volatility In Big Frame
Updated
Gold prices saw a decline on Monday after hitting a five-day high of $1,973 on Friday.
However, prices remained within last week's range, as investors turned cautious ahead of the US Consumer Price Index (CPI) and policy announcements of the United States Federal Reserve.
The bearish 89-day Moving Average (EMA) has been causing rejection, with the 14-day Relative Strength Index (RSI) below the midline, indicating a bearish bias in the near term.
However, a daily close above the 89 EMA could eliminate the possibility of a drop and trigger a new uptrend towards Friday's high of $1,973, with a challenge to the June 2 high of $1,983. Additionally, Gold buyers will aim to reclaim the resistance at $1990.
However, prices remained within last week's range, as investors turned cautious ahead of the US Consumer Price Index (CPI) and policy announcements of the United States Federal Reserve.
The bearish 89-day Moving Average (EMA) has been causing rejection, with the 14-day Relative Strength Index (RSI) below the midline, indicating a bearish bias in the near term.
However, a daily close above the 89 EMA could eliminate the possibility of a drop and trigger a new uptrend towards Friday's high of $1,973, with a challenge to the June 2 high of $1,983. Additionally, Gold buyers will aim to reclaim the resistance at $1990.
Note
Gold is looking to rise again from the $ 1955 mark. Back to 1980$ in the near futureNote
This strategy still applies to GOLD today
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.