Gold’s rebound from the confluence of 5-DMA and 50-DMA level of $1332 if followed by a break above $1343 (Sep 22 high) could lead to a bullish break in the daily RSI and open doors for a test of $1353 (flag resistance).
On a larger scheme of things, a daily close above flag resistance would mark continuation of the rising trend from the December 2015 lows.
On the lower side, daily close below pivot level of $1327 would open doors for a drop to 100-DMA level of $1307.76.
On a larger scheme of things, a daily close above flag resistance would mark continuation of the rising trend from the December 2015 lows.
On the lower side, daily close below pivot level of $1327 would open doors for a drop to 100-DMA level of $1307.76.
