Gold Intraday: The downside prevails as long as 4,077 is resistance
Gold (XAU/USD)
-80.16-1.94%
The downside prevails as long as 4,077 is resistance, with 4,008 and 3,990 as targets
Our pivot point is at 4,077.
Our preference: The downside prevails as long as 4,077 is resistance, with 4,008 and 3,990 as targets
Alternative scenario: above 4,077, look for 4,106 and 4,124.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. The price stands below its 20 and 50 period moving average (respectively at 4,081 and 4,112).
Supports and resistances:
4,124 **
4,106 *
4,077 **
4,049 last
4,008
3,990 **
3,972 *
Our preference: The downside prevails as long as 4,077 is resistance, with 4,008 and 3,990 as targets
Alternative scenario: above 4,077, look for 4,106 and 4,124.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. The price stands below its 20 and 50 period moving average (respectively at 4,081 and 4,112).
Supports and resistances:
4,124 **
4,106 *
4,077 **
4,049 last
4,008
3,990 **
3,972 *
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