US presidential election has been
crucial for Gold, but a month later markets digested the event and now the
focus is set on FOMC meeting next week. The rising expectations for rates hike
might support the golden resilience and elevate prices as most traders will
prefer profit-taking.
Gold prices so far remain weak and
stuck within a narrow range. But technical indicators suggest upcoming bounce.
RSI is around mid-line but showing positive divergence. Stochastic is showing
overbought market but still is displaying strong bullish momentum.
Short-term resistance is located at
1180 (50-day EMA) and higher at 1199 (23.6% Fibonacci retracement). Looking to
the downside nearest support is seen at 1160 and 1134.
In the near-term Gold remains weak,
but in the long-term technicals confirm rising upside momentum.
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