Our pivot point stands at 1851.00 but price might pump up :)
Our preference:
The upside prevails as long as 1851 is support.
Alternative scenario:
The downside breakout of 1851 would call for 1845.50 and 1842.50.
Comment:
The RSI is above 70. It could mean either that prices are in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Gold is above its 20 and 50 period moving average (respectively at 1848 and 1843.30). Finally, the Gold is trading above its upper Bollinger band (standing at 1855.25).
visit Trading Central for updates... pivot points are updated based on the current price actions
The upside prevails as long as 1851 is support.
Alternative scenario:
The downside breakout of 1851 would call for 1845.50 and 1842.50.
Comment:
The RSI is above 70. It could mean either that prices are in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Gold is above its 20 and 50 period moving average (respectively at 1848 and 1843.30). Finally, the Gold is trading above its upper Bollinger band (standing at 1855.25).
visit Trading Central for updates... pivot points are updated based on the current price actions