Gold
is shining again and is getting more attractive after the last Federal
Reserve's rate hike. Currently the price is gravitating around $1228, but to
become more loved needs to overcome the key resistance level at $1230 (23.6%
Fibonacci retracement of latest December to February up move).
The four-hour time frame is showing bullish 20-day SMA, while the 100-day SMA
has turned from resistance to currently act as dynamic support.
Both RSI and stochastic are displaying extreme overbought conditions and are
keeping flat high above their mid-lines. It seems that had lost momentum and
directional strength.
Weakness might be encountered only around the major support at $1210 (38.2% of
same Fibonacci retracement). Overall the short term sentiment remains bullish.
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