Price breached resistance with a strong red candlestick. We were overbought on RSI and we are in a pullback that may reach first the white line at $2.34.
MACD supports this, as the histogram shows strong downward selling pressure and the MACD is below the signal line in the 4H chart.
Also we are looking a divergence in RSI, doing lower lows, but we still have to...
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...
We have the gold price doing higher lows, and the RSI doing lower lows right after a pullback, which means it is going to continue the uptrend.
Also stochastic oscillator shows that it is oversold and the price is still above the 50 SMA, so it is a good opportunity to buy the dip and continue at least to the nearest resistance.
Thank you.
Wheat price did higher highs, RSI did lower highs, we have a bearish divergence.
Wheat daily RSI is overbought.
Fibonacci extension shows that it can $641, that corresponds to 1.618 Fibonacci.
Also we have the white lines that correspond to current supports, at $650 and $633.
Thank you.
