KeytoMarkets

Gold: Parallel support and MAs have captured our attention

TVC:GOLD   CFDs on Gold (US$ / OZ)
It has a parallel support finds at 1236$, as of now low made at 1241.25$ vs last week’s low 1237.87$. The daily studies RSI has been making a higher low pattern and the oscillator is remaining bullish . Looking at the most recent daily studies patterns, we remain neutral until close below the support zone .
In addition to the parallel support, the other crucial moving average we are more focusing on the 200MA (weekly) finds at 1233$.
Two days forecast: We believe the price continues to hold the support zone 1236.050-1230.00$
At higher time frame (monthly) 50MA finds at 1231.50$ below this 100EA 1220.00$ exists.
We remain cautiously NEUTRAL as we continue to study the action.

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