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Gold stands within sideways channel
Gold prices have been developing within a trading range of 2,470 to 2,528 since August 16 with mid-level the 2,507 resistance, which overlaps with the 50-period simple moving average (SMA) in the 4-hour chart. Technically, the stochastic is moving higher, creating a positive divergence as long as the price creates lower lows and the oscillator posts higher highs. This is a sign of a potential upside retracement in the market. However, beneath its trigger and zero lines, the MACD is extending its decline to the downside. In case of more decreases, it could open the door for a retest of the previous trough of 2,470, ... (full story)
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- Posted: Sep 4, 2024 6:48am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 211
