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Gold intraday: the downside prevails as long as 1904.50 is resistance
2023-09-27
443
Our pivot point stands at 1904.50.
Our preference: the downside prevails as long as 1904.50 is resistance.
Alternative scenario: the upside breakout of 1904.50, would call for 1909 and 1912.
Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Gold is trading under both its 20 and 50 period moving average (respectively at 1905.60 and 1911).
Supports and resistances:
1912.00 **
1909.00 *
1904.50 **
1902.50
1900.89 last
1894.50
1891.50 **
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