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Gold intraday: the downside prevails as long as 1855 is resistance
2023-10-02
546
1855.00 is our pivot point.
Our preference: the downside prevails as long as 1855 is resistance.
Alternative scenario: above 1855, look for 1862.50 and 1866.50.
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 below its signal line and negative. The configuration is negative. Gold stands below its 20 and 50 period moving average (respectively at 1860.40 and 1864.40).
Supports and resistances:
1866.50 **
1862.50 *
1855.00 **
1852.50
1849.36 last
1840.00
1835.50 **
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