The precious metal managed to gain almost 3% during that time after hitting its lowest level since the end of January. The pair broke the resistance level from our 23.6% Fibonacci retracement at $1,836 and then made a breakout attempt at $1,867 in our 38.2% Retracement but failed.
The price currently trades close to the short-term moving average. The pair is likely to make another breakout attempt at $1,867 in the short term. The Bollinger bands are wide enough to expect high volatility in the upcoming sessions, and the price trades at a relatively fair level.
Our relative strength index is at 45%, allowing the pair to continue the recently starting uptrend before it's considered oversold. Our parabolic SAR indicator suggests that the price is expected to continue moving upwards.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
