Gold Intraday: 4,029 in sight
Gold (XAU/USD)
-36.98-0.93%
Rebound above 3,947 towards 4,052
Our pivot point is at 3,947.
Our preference: Rebound above 3,947 towards 4,052
Alternative scenario: below 3,947, expect 3,909 and 3,886.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case).
Supports and resistances:
4,075 *
4,052 **
4,029
3,971 last
3,947 **
3,909 *
3,886 **
Our preference: Rebound above 3,947 towards 4,052
Alternative scenario: below 3,947, expect 3,909 and 3,886.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case).
Supports and resistances:
4,075 *
4,052 **
4,029
3,971 last
3,947 **
3,909 *
3,886 **
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