Yesterday gold has found resistance at 1799.16 USD before retreating lower to 1770 USD per ounce. RSI and Stochastics remain bullish while MACD appears to exhibit some signs of exhaustion. However, we believe that price will break above 1800 USD soon. Our short term price target is 1805 USD per ounce. Our medium term price target is 1825 USD per ounce.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Trade closed: target reached
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Short term price target of 1805 USD per ounce has been reached.