Gold has backed off from multi-month highs. Intraday technical charts favor a pullback to key SMA support. Gold is trading near $1,952 per ounce, having put in a near two-month high of $1,955 early Wednesday. The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). The hourly chart RSI is also painting a similar picture. Meanwhile, the 14-day RSI is now reporting overbought conditions with an above-70 print for the first time since August. As such, the yellow metal could visit the ascending 5-day Simple Moving Average (SMA) support, currently located at $1,927. The case for a pullback would strengthen if the US Republican party wins both seats or at least one in Georgia elections, retaining Senate’s control. That would weaken the case for a bigger fiscal stimulus. As such, the dollar, gold’s biggest nemesis, could bounce on Republican victory. The dollar index is currently seen at 89.52. Gold’s broader trend would remain bullish as long as prices are trading above Monday’s low of $1,898. Hourly chart Trend: Pullback likely Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Analysis: ETH snaps four-day uptrend but sellers fear entry above $983 FX Street 1 year Gold has backed off from multi-month highs. Intraday technical charts favor a pullback to key SMA support. Gold is trading near $1,952 per ounce, having put in a near two-month high of $1,955 early Wednesday. The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). The hourly chart RSI is also painting a similar picture. Meanwhile, the 14-day RSI is now reporting overbought conditions with an above-70 print for the first time since August. As such, the yellow metal could visit the ascending 5-day Simple Moving Average (SMA) support, currently located at $1,927. The case for a pullback… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
