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Gold intraday: the RSI is oversold
2023-09-28
1253
1880.50 is our pivot point.
Our preference: the downside prevails as long as 1880.50 is resistance.
Alternative scenario: the upside breakout of 1880.50, would call for 1885 and 1887.50.
Comment: the RSI is below 30. It could either mean that prices are in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Gold is trading under both its 20 and 50 period moving average (respectively at 1883.60 and 1893).
Supports and resistances:
1887.50 **
1885.00 *
1880.50 **
1878.50
1876.52 last
1871.00
1868.00 **
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