Gold was lower in Wednesday evenings overnight trading due to light profit taking as it consolidates some of the rebounds off last week's low. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are likely near term. And those higher price moves should meet strong resistance at the August high crossing at 1915, limiting the upside move and bringing continued consolidation.
Closes below last week's low crossing at 1701.70 would confirm that a top has been posted while opening the door for a larger degree decline during September. First resistance is August's high crossing at 1915.00. First support is last Thursday's low crossing at 1701.70. Second support is the 38% retracement level of this year's rally crossing at 1686.80. Gold pivot point for Thursdays trading is 1829.30.
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