Gold: short correction
The demand for the US Dollar pushed the prices of gold to the downside on Friday. Markets are still digesting information from the latest FOMC meeting, as well as, strong US business activity, in which sense, US Dollar gained as of the end of the previous week, while gold slipped to the level of $2.321 on Friday, after reaching its highest weekly level at $2.366.
The RSI is moving relatively steady during the last two weeks, oscillating around the level of 50. It indicates that the market is currently not sure which side to trade. Moving average of 50 days is slowing down its divergence from MA200, but the large distance between two lines is not showing that the cross might come anytime soon.
Charts are suggesting that the price of gold is on a sort of a cross line at the moment. The level of $2.300 has been tested, but there has not been market strength to push the price to the down side. There has not been strength for the opposite side, either. The market will start the week ahead by testing for one more time the short term support at $2.300. In case that it is broken, the price of gold will find its next support around $2.200 line. In case that it is too early in time for a lower ground, then the price might return to the level of $2.360.
The RSI is moving relatively steady during the last two weeks, oscillating around the level of 50. It indicates that the market is currently not sure which side to trade. Moving average of 50 days is slowing down its divergence from MA200, but the large distance between two lines is not showing that the cross might come anytime soon.
Charts are suggesting that the price of gold is on a sort of a cross line at the moment. The level of $2.300 has been tested, but there has not been market strength to push the price to the down side. There has not been strength for the opposite side, either. The market will start the week ahead by testing for one more time the short term support at $2.300. In case that it is broken, the price of gold will find its next support around $2.200 line. In case that it is too early in time for a lower ground, then the price might return to the level of $2.360.
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