The precious metal is currently on a pullback as the price was not able to complete a breakout on the 38.2% Fibonacci retracement, the pair is on a three-day losing streak, and this could continue in the next few sessions before it starts to recover.
The Bollinger bands are opening up and pointing up, which is often an indicator of an uptrend; however, the price traded closer to the upper band, suggesting that it is relatively high, which possibly scared investors, forcing them to close their long positions.
The relative strength index was high, but it did not enter an overbought status. The current RSI is at 58%, allowing the metal to gather strength to make a second breakout attempt, hoping that this time it will stick.
Our parabolic SAR indicates an upward trend will continue; however, this lagging indicator can take some sessions to adjust to current market conditions.
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