XM does not provide services to residents of the United States of America.

Technical Analysis – Gold consolidates as merged MAs curb advances



Gold is currently edging sideways not too far below the 1,800 mark after managing to find its feet around the 1,757-1,768 support base, following the latest plunge in the commodity from the 1,877 high. The flattened simple moving averages (SMAs) have joined together and are not sponsoring a clear price trend.

The short-term oscillators are suggesting mixed messages in directional momentum. The MACD, is slightly underneath the zero level and below its red trigger line, while the positively charged stochastic oscillator is promoting positive price action in the commodity. The RSI is aiming a tad lower in the bearish territory, indicating that the commodity’s scale may be tilting slightly negative.

In the negative scenario, limitations could originate from the key 1,757-1,768 support zone. Breaching this barrier, sellers may aim for the lower Bollinger band, currently lying at the 1,745 low before seeking out the 1,715-1,724 critical foundation. If selling interest endures, the price could then dive for the 1,660-1,680 boundary that has managed to hold as an upside defence, which took shape over the April until June 2020 period.

If upside forces increase, initial tough resistance could transpire from the converged SMAs at 1,792 and the 1,800 handle overhead. The neighbouring resistance band of 1,809-1,815 and the mid-Bollinger band at 1,819 could hinder further developments in the price towards the 1,845-1,850 obstacle. From here, should upside impetus surpass the 1,870-1,877 border and upper Bollinger band at 1,887, the bulls may seek out the 1,900 hurdle and the zone of the near 5-month high of 1,917.

Summarizing, gold is currently stuck in a horizontal trajectory between the 1,757-1,768 lower limit and the 1,792-1,800 upper limit. That said, surpassing the mid-Bollinger band at 1,819 could bolster bullish forces, while a dip below the lower Bollinger band at 1,745 could feed negative pressures.

 

 

Latest News

Technical Analysis – BTCUSD advances towards all-time highs


Technical Analysis – AUDUSD gets bearish vibes

A

Technical Analysis – WTI oil futures in fierce battle with 50.0% Fibo

O

Technical Analysis – GER 40 index marks highs after highs

G

G

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.