The precious metal has been on a downtrend since November 15th, the price broke three support levels from our Fibonacci retracements at 50%, 38.2% and 23.6% very fast, but we might see a small recovery in the short term.
The relative strength index is now oversold which will likely bring the price up a bit in the short term, the rsi went from one extreme to another in only 13 sessions, we might see the price recover some ground as the price is at a low level and many investors might wanna buy the dip.
The Bollinger bands are very open, and the price traded below the upper band, suggesting that it is relatively low, now we see a small recovery in the session, and it's likely to continue rising at a very low pace for now.
The parabolic SAR suggests that the price will continue to fall, however we dont believe this is likely to happen as the price is already considered low enough.
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.
