For the seventh straight trading session, XNGUSD closes with gains. The price broke the $4 barrier and set a new high level since December 2018.
Our parabolic SAR suggests that the price will continue climbing; however, this is a lagging indicator, and it could take a few sessions to change its signal.
The relative strength index is currently at 74%, which is considered overbought; this is likely to drive the commodity price downwards in the short term; just a few days ago, we saw the RSI staying overbought for eight trading sessions. We would not be surprised if the price continues moving up; however, there will be a corrective pullback very soon.
The Bollinger bands are opening up, and volatility is expected to be higher in the upcoming sessions. The pair trades above the upper band, suggesting that the price is relatively high; it is likely that investors could start pulling out their trades and cash out before it retraces.
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