Gold in a Lateral Movement, potential short term shots
Gold sideways in the upper zone of the bearish channel of gold in 15-minute timeframe in the range of 2006.78 to 2019 USD. Possibility of reaching 2032 USD.
The previous daily range touched the 2019.35 level, so although at a technical level a possible rebound with a return to the upper part of the bearish channel is visualized, the general monthly trend shows a clear downward trend with a lot of selling pressure.
The RSI is showing an oversold divergence, so it is unlikely that this trend will change during the course of the day, and it might touch the 2032 range. This could be the limit of the buyers' extension at this moment.
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
The previous daily range touched the 2019.35 level, so although at a technical level a possible rebound with a return to the upper part of the bearish channel is visualized, the general monthly trend shows a clear downward trend with a lot of selling pressure.
The RSI is showing an oversold divergence, so it is unlikely that this trend will change during the course of the day, and it might touch the 2032 range. This could be the limit of the buyers' extension at this moment.
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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