Gold attempts to unlock new high
Gold is attempting to test yesterday's record high of 2,365 again with the technical oscillators holding near their overbought territories. The MACD oscillator is falling beneath its trigger line well above the zero level, while the RSI is ticking slightly lower, remaining beneath the 70 level. Also, the price is holding within the upper range of the Bollinger band.
If the market extends its strong buying interest above the previous high, then traders need to be cautious near the psychological levels of 2,400 and 2,500 before meeting the 261.8% Fibonacci extension level of the down leg from 2,088 to 1,810 at 2,515.
On the other hand, a downside reversal could send the price until the immediate 20-period simple moving average (SMA) at 2,332 ahead of the 2,320 support. Even lower, the precious metal may touch the 2,303 barricade and the 50-period SMA at 2,290.
All in all, gold prices are strongly positive in the short- and long-term timeframes and only a decisive move beneath the 200-period SMA could switch the picture to a more bearish one.
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