Gold rebounds from near prior downtrend line
Gold rebounded on Friday after finding support at the prior downtrend line drawn from the high of March 2. Today, the metal opened with a positive gap, but the move signaling a bullish reversal may be a break above 4,200.
XM Group
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45 days ago
Overview: Gold rebounded on Friday after finding support at the prior downtrend line drawn from the high of March 2. Today, the metal opened with a positive gap, but the move signaling a bullish reversal may be a break above 4,200.
Momentum: Both the RSI and the MACD detect diminishing bearish momentum, supporting the idea of waiting before turning bullish.
Bullish scenario: A decisive break above 4,200 could target the 4,345 zone, the break of which could aim for the key resistance of 4,500.
Risk: The bullish case could be dismissed upon a decisive dip below 4,000.
XM Group
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