Gold (4H) holds the uptend line; rebound or deeper dip ahead?
Gold holds above the uptrend line. A break over 4,565 signals bullish momentum for the commodity, while RSI & MACD show mixed signals.
XM Group
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9 days ago
Overview: Gold is standing slightly above a two-week ascending trendline in the 4-hour chart following a rebound off the 4,395 support level.
Momentum: Technical indicators are sending mixed signals. The RSI is pointing marginally upward near the 30 level, but the MACD oscillator continues to extend its downside move below its trigger line.
Bullish Scenario: A clean break above the 4,565 resistance zone, which overlaps with the 50-period SMA, would pave the way for a fresh leg higher, targeting the 4,643 barrier and the three-month high of 4,696.53. Any move below the 20-period SMA at 4,510 could erase the upward movement.
Risk: Any move below the 20-period SMA at 4,510 could erase the upward movement.
XM Group
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