Baxia Markets News

Gold retraces after finding resistance at $1,869

Written by Baxia Markets | May 31, 2022 3:30:00 AM

The precious metal uptrend has been interrupted by a retracement found after failing to break the resistance at $1,869. The pair found support at the 23.6% Fibonacci retracement which prevents further losses. Gold is currently trading above the short-term moving average, which suggests that the price could continue moving upwards, but the long-term moving average is still far ahead.

 

The Bollinger bands are slightly closing which could indicate a consolidation phase for the precious metal, the pair trades in between the bands, suggesting that the price is at a relatively fair level. 

The relative strength index is at 45% which will allow Gold to continue moving up in the short to medium term before entering an oversold status. Our parabolic SAR indicator suggests that the price is likely to move upwards in the upcoming trading sessions.

 

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