GOLD - USD - Rebounded on a Significant Support Zone $1,267 - $1,275 - Bullish Bias - 10/04/2017 (GMT)
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GOLD - USD Chart
The yellow metal plummeted more than 5% over the last three weeks and posted four red weeks in a row, following the rebound on the $1,357 resistance handle. The price posted a negative month, plunged below the 50-day SMA and hit the 100-SMA, which overlaps with the $1,275 support barrier. The zone $1,267 - $1,275 that the price was developing in, seems to be a strong support for the bulls.
Our prediction is a pullback and a bullish momentum if the price fails to slip below $1,267. The level to watch to the upside is the 50-day SMA, near $1,301. However, the technical indicators are confirming a bearish thought. So, if there is a continuation of the downward movement, the price will hit the ascending trend line, which is holding since December 2016 and overlaps with $1,251. Also, RSI and MACD are holding below their mid-levels.
Our prediction is a pullback and a bullish momentum if the price fails to slip below $1,267. The level to watch to the upside is the 50-day SMA, near $1,301. However, the technical indicators are confirming a bearish thought. So, if there is a continuation of the downward movement, the price will hit the ascending trend line, which is holding since December 2016 and overlaps with $1,251. Also, RSI and MACD are holding below their mid-levels.
This member declared not having a position on this financial instrument or a related financial instrument.
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