Gold Intraday: Target 4,181
Gold (XAU/USD)
+115.54+2.83%
The upside prevails as long as 4,098 is support, with 4,181 and 4,203 as targets
Our pivot point is at 4,098.
Our preference: The upside prevails as long as 4,098 is support, with 4,181 and 4,203 as targets
Alternative scenario: below 4,098, expect 4,061 and 4,039.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 4,094 and 4,080).
Supports and resistances:
4,225 *
4,203 **
4,181
4,136 last
4,098 **
4,061 *
4,039 **
Our preference: The upside prevails as long as 4,098 is support, with 4,181 and 4,203 as targets
Alternative scenario: below 4,098, expect 4,061 and 4,039.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 4,094 and 4,080).
Supports and resistances:
4,225 *
4,203 **
4,181
4,136 last
4,098 **
4,061 *
4,039 **
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