GOLD: Has it found the firepower for a surge?

#GOLD is pinned under 20-SMA but the bulls are supported above 4,076. Risk: A dip below 4,145 brings sellers back into play.
XM Group | 15 hari yang lalu

Overview: Gold remains sidelined for another session, pinned inside a tight bearish channel and capped below its 20-day SMA at 4,184. Yet despite its negative trajectory off August’s highs, the bulls fiercely defended the 38.2% Fibonacci support at 4,076 for a second time last week, proving buyers aren't surrendering without a fight.

Momentum: With the RSI languishing below 50 and the stochastic oscillator hovering just below its 80 overbought level, sellers still lurk in the shadows.

Bullish scenario: A close above 4,220 is needed to eliminate downside risks and clear the runway towards 4,325 and the 50-day SMA, with late-September resistance at 4,380 waiting higher up.

Risk: Pulling below 4,145 will likely invite the bears back in force.

 

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