We can see that in the 4H chart, 200 EMA has been a good support for Gold and everytime it has gone down to test it its only to bounce up and do higher highs.
Stochastics are at oversold levels, also RSI is oversold, which implies a bounce up to continue the uptrend.
The uptrend line in green was breached on Sunday May 19 and Monday May 20 because of geopolitical themes, this caused that the uptrend was not smooth anymore, so that big impulse required a pullback.
Stochastics have demonstrated that when it is in oversold levels, price comes up again. Also does the 200 EMA. So it is a good opportunity to buy the dip.
Thank you.
Stochastics are at oversold levels, also RSI is oversold, which implies a bounce up to continue the uptrend.
The uptrend line in green was breached on Sunday May 19 and Monday May 20 because of geopolitical themes, this caused that the uptrend was not smooth anymore, so that big impulse required a pullback.
Stochastics have demonstrated that when it is in oversold levels, price comes up again. Also does the 200 EMA. So it is a good opportunity to buy the dip.
Thank you.