Previous metal Gold on the 4 hours chart has been in an uptrend since 12 November 2019 when it registered the lowest price level of the period under study at 1445.54. Since then, the precious metal has been forming successfully higher tops and higher bottoms. At time of writing, Gold is moving around 1475.21 above the 20-period and 40-period simple moving average respectively.
Additionally, the oscillator analysis indicates positive sentiment for Gold. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the precious metal.
When attaching the Fibonacci Retracement tool from the top at 1469.14 and dragging it to the bottom at 1462.6, three price targets may be calculated. The first target level is projected at 1473.18 (161.8%), which has been successfully reached. The second target level is estimated at 1479.72 (261.8%). The third target level is forecast at 1490.30 (423.6.8%).
It remains to be seen how much higher the bulls will manage to pull the price of the Gold.
Additionally, the oscillator analysis indicates positive sentiment for Gold. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the precious metal.
When attaching the Fibonacci Retracement tool from the top at 1469.14 and dragging it to the bottom at 1462.6, three price targets may be calculated. The first target level is projected at 1473.18 (161.8%), which has been successfully reached. The second target level is estimated at 1479.72 (261.8%). The third target level is forecast at 1490.30 (423.6.8%).
It remains to be seen how much higher the bulls will manage to pull the price of the Gold.