The price managed to break a resistance level at the 61.8% Fibonacci retracement of $1,768.49 and aims to break a critical resistance level at the 50% retracement of $1,796.86. If the price can consolidate the breakout, we would see a trend reversal, pushing the price even further up.
The Bollinger bands are opening up; the price traded closer to the lower band, which is one of the reasons that the price started to recover some ground. Gold has made 1.25% in the last two trading sessions. A short-term uptrend is expected; we would have to wait for a few sessions and see if the uptrend sticks or if the general downtrend continues.
The relative strength index is recovering ground as well; the current RSI is at 46%, which will allow the precious metal to continue moving up in the short to mid-term. The price did not reach an oversold status, but it found support around the 1,750 levels.
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