GOLD - USD - Hit Our Suggested Target at $1,280 - Moving in Consolidation Area - 08/14/2017 (GMT)
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GOLD - USD Chart
The precious metal had a sharp bullish week as it surged more than 2% and challenged a new two-month high at $1,292 resistance level. On a weekly basis, the price seems to be trading within a consolidation area within the $1,207 support handle and the $1,292 resistance level.
From a technical point of view, the buying interest in the previous week pushed the price to challenge our recommended target at $1,280 (see technical analysis here: http://bit.ly/2f0A5Jz) but is now losing its rising momentum as the technical indicators are turning down. The RSI indicator is sloping to the downside after it met the overbought zone, whilst the MACD oscillator is developing above its trigger line in the positive path with weak momentum. The next initial target is the $1,274 handle or on the other hand, if the price climbs above $1,296, it will hit $1,308.
From a technical point of view, the buying interest in the previous week pushed the price to challenge our recommended target at $1,280 (see technical analysis here: http://bit.ly/2f0A5Jz) but is now losing its rising momentum as the technical indicators are turning down. The RSI indicator is sloping to the downside after it met the overbought zone, whilst the MACD oscillator is developing above its trigger line in the positive path with weak momentum. The next initial target is the $1,274 handle or on the other hand, if the price climbs above $1,296, it will hit $1,308.
This member did not declare if he had a position on this financial instrument or a related financial instrument.
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