Gold, as we mentioned yesterday in our analysis, took a break from its strong rally after reaching strong resistance and overbought levels. After a technical correction below 3,437, gold declined very quickly, reaching the 3,380 level.
After reaching the 8/8 Murray around 3,437, gold was unable to sustain above this area, which led to a sharp technical correction during yesterday's American session. It is now likely to continue falling in the coming days, reaching the 6/8 Murray at 3,359 and possibly even reaching the 200 EMA around 3,342.
The RSI indicator is signaling a negative sequence, so we believe the any technical rebound, as long as the price trades below the 8/8 Murray level, will be seen as a signal to sell.
Good support for gold could be found around 3,359 or 3,342; both levels could after bulls a buying opportunity.
In the short term, gold is likely to reach $3,300, as the chart technically shows strong overbought conditions.
After reaching the 8/8 Murray around 3,437, gold was unable to sustain above this area, which led to a sharp technical correction during yesterday's American session. It is now likely to continue falling in the coming days, reaching the 6/8 Murray at 3,359 and possibly even reaching the 200 EMA around 3,342.
The RSI indicator is signaling a negative sequence, so we believe the any technical rebound, as long as the price trades below the 8/8 Murray level, will be seen as a signal to sell.
Good support for gold could be found around 3,359 or 3,342; both levels could after bulls a buying opportunity.
In the short term, gold is likely to reach $3,300, as the chart technically shows strong overbought conditions.
Trade closed: target reached
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
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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.