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Gold intraday: the RSI is overbought
2023-10-10
851
1852.50 is our pivot point.
Our preference: the upside prevails as long as 1852.50 is support.
Alternative scenario: below 1852.50, expect 1846.50 and 1843.
Comment: the RSI is trading above 70. This could mean that either prices are in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Gold is above its 20 and 50 period moving average (respectively at 1851.30 and 1848). Finally, the Gold has crossed above its upper Bollinger band (1859.02).
Supports and resistances:
1880.00 **
1876.50 *
1873.00 **
1869.50
1862.18 last
1855.00
1852.50 **
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