Gold turns overbought near former key resistance | Metals Mine

  • Gold turns overbought near former key resistance

    From xm.com

    Gold recorded its best weekly performance so far this year, topping near a former key resistance of 1,346 on Friday. The RSI and the Stochastics, however, indicated that the bulls are exhausted as the measures peaked in overbought territory – letting the bears take over on Monday. Yet, with the 20-day simple moving average (SMA) increasing its distance above the 50-day SMA, the positive market trend may likely extend forward in the short-term. Should the market close comfortably below the 1,320 level, the bearish action may extend towards the upper surface of the Ichimoku cloud and the 23.6% Fibonacci of the long ... (full story)

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bigtx
Jun 10, 2019 7:43pm
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Lots of resistance built up there, and a large risk-on sentiment today. I think I'll try to trade this range and then expect a break out to the upside when uncertainty continues or increases.
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