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Gold - Stuck at weekly 200-MA, in expanding channel

FX_IDC:XAUUSD   GOLD / US DOLLAR
  • Gold is struggling to take out weekly 200-MA seen today at $1313.20. This is the third week of gains for Gold             and on intraday time frames the RSI is overbought.
  • Hence, failure to take out weekly 200-MA hurdle if followed by a break below $1300 would shift risk in favor of a correction to $187 levels.
  • On the higher side, fresh buying is seen once prices see a weekly closing above expanding channel resistance seen today at $1320
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