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Gold Price Forecast: Holds 50-Day MA Support Amid Downtrend Concerns

From fxempire.com

{video} Gold holds support around the 50-Day MA for the fourth day in a row on Tuesday. It remains sandwiched between resistance around the purple 20-Day MA and the 50-Day line for support. Although gold has dipped below the 50-Day line intraday in the last two days, it has ended the sessions at or above the 50-Day line. Watch where it ends today to see if there is a change in the recent closing pattern. If the daily close is lower relative to the 50-Day line than what has been seen to date, it may be signaling further weakness before the retracement is complete. {chart} Weekly Chart is Bearish: Nevertheless, the ... (full story)

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  • Category: Technical Analysis