Gold outlook 05/12/2022
Gold price has taken out the August 10 high at $1,808, now heading closer toward the July 4 high at $1,814.
Bulls remain in control after Gold price closed the week above the critical 200-Daily Moving Average (DMA) at $1,796 on Friday.
The 14-day Relative Strength Index (RSI) has turned flat just beneath the overbought territory, suggesting the potential upside in Gold price.
The next bullish target is seen at the $1,820 round figure.
In case of any retracement in Gold price, the 200DMA resistance-turned-supoprt gives way, then a drop toward the November 15 high at $1,787 cannot be ruled out.
The correction could then extend toward the previous day’s low of $1,778.
Bulls remain in control after Gold price closed the week above the critical 200-Daily Moving Average (DMA) at $1,796 on Friday.
The 14-day Relative Strength Index (RSI) has turned flat just beneath the overbought territory, suggesting the potential upside in Gold price.
The next bullish target is seen at the $1,820 round figure.
In case of any retracement in Gold price, the 200DMA resistance-turned-supoprt gives way, then a drop toward the November 15 high at $1,787 cannot be ruled out.
The correction could then extend toward the previous day’s low of $1,778.
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