“¢ Gold now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band above $1320 level, or near three-month tops.
“¢ Slightly overbought conditions on 4-hourly/daily charts held investors from placing fresh bullish bets ahead of the Fed Chair Jerome Powell’s scheduled speech.
Given Friday’s bullish break through a descending trend-line – extending from yearly swing high set in February, and a sustained move back above 100-day SMA, the set-up remains in favour of bullish traders and support prospects for further near-term appreciating move.
Hence, any meaningful pullback towards the $1310 horizontal zone might now be seen as an opportunity to initiate some fresh bullish positions and should limit the downslide near mentioned resistance break-point, near the key $1300 psychological mark.
Meanwhile, bulls might now aim towards surpassing the $1333 intermediate support zone and lift the commodity further towards testing the $1340 intermediate resistance en-route yearly swing highs, around the $1346 region.
Gold daily chart
-636952475149087685.png)
Share
