GOLD in the Asia-Europe session 17 OCT
The 14-day Relative Strength Index (RSI) indicator has crossed above the middle line, making a strong upward movement into bullish territory, which supports the significant rise in the price of Gold.
However, buyers of Gold have been unable to sustain levels above the 200 DMA barrier on Monday morning, leading to a corrective phase. As a result, the price of Gold has surpassed the 100 DMA at $1,923 and is now heading towards testing the relatively stable 50 DMA at $1,901 if this reversal continues gaining momentum.
The new downward movement is in line with a decrease in the RSI indicator.
If support from the 50 DMA fails for Gold price, there is potential for a retracement towards reaching $1,880 at its lowest point based on its moving average over a period of 21 days.
On an optimistic note, immediate resistance can be found around $1.923 which corresponds to its current level as per its moving average over a period of 100 days. If this resistance level is breached successfully by surpassing it upwards then market participants will shift their attention back onto overcoming further hurdles like that posed by reaching levels associated with prices according to their moving averages calculated over periods such as those covering up till September-20th high prices ($1947).
Moreover any breakthrough achieved beyond that milestone would lead way for retesting three-week high levels ($1933) during journey en-route September-20th high values($1947).
However, buyers of Gold have been unable to sustain levels above the 200 DMA barrier on Monday morning, leading to a corrective phase. As a result, the price of Gold has surpassed the 100 DMA at $1,923 and is now heading towards testing the relatively stable 50 DMA at $1,901 if this reversal continues gaining momentum.
The new downward movement is in line with a decrease in the RSI indicator.
If support from the 50 DMA fails for Gold price, there is potential for a retracement towards reaching $1,880 at its lowest point based on its moving average over a period of 21 days.
On an optimistic note, immediate resistance can be found around $1.923 which corresponds to its current level as per its moving average over a period of 100 days. If this resistance level is breached successfully by surpassing it upwards then market participants will shift their attention back onto overcoming further hurdles like that posed by reaching levels associated with prices according to their moving averages calculated over periods such as those covering up till September-20th high prices ($1947).
Moreover any breakthrough achieved beyond that milestone would lead way for retesting three-week high levels ($1933) during journey en-route September-20th high values($1947).
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