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Gold challenges crucial downward sloping trendline
Gold has been edging higher in the past few sessions, rebounding strongly from its drop below the 200-day simple moving average (SMA). Furthermore, the short-term oscillators suggest that bullish forces are strengthening as the price is testing the important trendline that connects its recent lower highs. Should the buying interest persist, the bulls could attempt to conquer the May low of 1,932, which overlaps with the 50-day SMA. Surpassing that zone, the price may ascend towards the February peak of 1,959. Further advances could then cease at the July high of 1,987. Alternatively, should bullion reverse back ... (full story)
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- Posted: Sep 18, 2023 6:49am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 174
