The precious metal continues its uptrend after taking a 1.53% hit two sessions ago, the price is struggling to stay above the 38.2% Fibonacci retracement at $1,817.77 and will possibly move more aggressively in the upcoming sessions.
The Bollinger bands continue to open and move up which indicates an uptrend, however, the price is trading closer to the upper band and that could send it back below the resistance level, if the bands continue opening aggressively then we might have a Gold rally in the short term.
The relative strength index is at 56% which will allow the pair to continue moving upwards in the short to mid-term, the price is exiting the Ichimoku cloud which is a good sign that the uptrend could continue.
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.
