Gold - Hot metal
Gold (1H) - intraday bullish bias
The bullion rallied above the 1527 resistance with a strong momentum, which indicates that buyers are getting more confident. The RSI pulled back from the over-bought area for a cool down, we can expect the price to consolidate for a few hours near the moving averages and the trendline before moving up towards 1540. The uptrend stays intact as long as the trendline is respected.
Key support: 1524/1516
Key resistance: 1535/1544
The bullion rallied above the 1527 resistance with a strong momentum, which indicates that buyers are getting more confident. The RSI pulled back from the over-bought area for a cool down, we can expect the price to consolidate for a few hours near the moving averages and the trendline before moving up towards 1540. The uptrend stays intact as long as the trendline is respected.
Key support: 1524/1516
Key resistance: 1535/1544
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