Baxia Markets
December 23, 2021

Gold breaks three-day losing streak

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The precious metal broke the 50% Fibonacci retracement at the $1,796 level, ending a three-day losing streak, if the breakout is completed we could see the price continue climbing in the short term, it will enter the Ichimoku cloud and that will create market uncertainty.


The Bollinger bands are opening again after an aggressive close, the pair currently trades at the same level as the upper band, suggesting that the price is relatively high, however since the bands are so narrow, this might not have a big impact on the market behavior.


Gold Dec 13th 2021


The relative strength index is at 54% which gives gold enough room to comfortably continue climbing if the market decides to move in that direction. Since the RSI is way below 70% the Bollinger bands are not likely to slow down the uptrend.


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