After Friday’s massive sell off, precious metals including gold lost a lot of ground. Gold going from 1301 to the low of 1275. It also made a 3rd touch on the next trend line and bounced up, testing it today again. Trade war tensions brought back to the front of the world news play a decisive factor in the future price direction, check Trump’s twitter for updates. A break below would potentially take the price to 1260 (after retesting the trend line).
50 SMA converging on 200 SMA shows the market could be at a turning point in terms of future direction. RSI not quite at oversold level but goes in line with the trend line.
Happy Trading!
50 SMA converging on 200 SMA shows the market could be at a turning point in terms of future direction. RSI not quite at oversold level but goes in line with the trend line.
Happy Trading!
Comment:
Comment:
Price is breaking the trend line, level 1260 is next.