Gold's Bullish Run Continues with price heading to retest the 2080 level
The moving averages are decisively in the buy territory across various time frames, with the shorter-term Simple Moving Average (MA5) at 2073.05 and the Exponential Moving Average (MA5) slightly lower at 2072.56, indicating recent price action has been positive. The consistency is maintained through longer time frames, with the MA10, MA20, MA50, MA100, and MA200 all showing “Buy” signals, which suggests a strong upward trend.
In the realm of technical indicators, the picture is similarly optimistic. The Relative Strength Index (RSI) at 59.884 is below the overbought threshold, implying room for further upward movement. The Stochastic oscillator (STOCH) and its variant STOCHRSI flag a “Buy,” although STOCHRSI is in the overbought region, hinting at potential overextension in the short term. The Moving Average Convergence Divergence (MACD) is positive, reinforcing the bullish momentum, while the Average Directional Index (ADX) presents a moderate trend strength with a “Buy” signal. Other indicators like Williams %R, Commodity Channel Index (CCI), Average True Range (ATR), and the ROC are all aligned with the buying sentiment. The Bull/Bear Power has a positive value, which further corroborates the buyers’ dominance in the market.
Overall Market Sentiment:
- Positive: The predominance of “Buy” signals across both moving averages and technical indicators reflects a high level of positive sentiment.
- Negative: The overbought condition suggested by the STOCHRSI could be a source of negative sentiment, as it often precedes a pullback.
- Neutral: There seems to be minimal neutral sentiment, given the strong buy signals and lack of sell signals.
Key Levels to Watch: : 2073,2080,2060,2090
| Levels | Support | Resistance |
|---|---|---|
| Level 1 | 2064.50 | 2072.00 |
| Level 2 | 2057.50 | 2077.50 |
| Level 3 | 2052.50 | 2081.50 |
