There’s a bullish trendline which is supporting the pair near $1,237.
200 periods moving average is also supporting gold near $1,237.
The same level $1,237 also supported gold back in April 2017 and in July 2018.
The leading indicators, RSI and Stochastics are massively oversold and are holding below 20.
Is there any chance of bullish reversal?
Yes, there’s a nice chance of bullish reversal but we should wait to see this week’s closing. A weekly close above $1,237 can give us an opportunity to capture retracement in this safe-haven asset until $1,275. Good luck!
200 periods moving average is also supporting gold near $1,237.
The same level $1,237 also supported gold back in April 2017 and in July 2018.
The leading indicators, RSI and Stochastics are massively oversold and are holding below 20.
Is there any chance of bullish reversal?
Yes, there’s a nice chance of bullish reversal but we should wait to see this week’s closing. A weekly close above $1,237 can give us an opportunity to capture retracement in this safe-haven asset until $1,275. Good luck!