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Gold Price Forecast: Consolidates on 50-Day MA Support, Eyes New Highs
video Gold is now in its third day of sideways consolidation sitting on support from the 50-Day MA at 2,342. Price support of the range is at today’s low of 2,349. It remains in a constructive position following a bullish breakout from a descending channel last week. Further, a breakout of the 20-Day MA, 50-Day MA, and another trendline also triggered last week. Price action since the breakout has been testing previous resistance as support, which is typically seen in the progression of an uptrend. chart The 50-Day line is a good nearby benchmark to use for signs of strength or weakness. Notice that it has ... (full story)
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- Posted: Jul 9, 2024 5:32pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 485
