- Gold add another new high in its records
- MACD seems to be overstretched
- RSI stands above 70 level
Gold prices flew to another all-time high of 2,753.18 today, creating a steep uptrend line in the 4-hour chart.
The technical oscillators are confirming the recent bullish move with the RSI pointing slightly up above the 70 level; however, the MACD is suggesting an overstretched market, hovering near its trigger line well above the zero level.
More increases could open the door for the next round numbers such as 2,800 and 2,900.
Alternatively, a successful drop beneath the 2,783 support and the short-term rising trend line could find support at the 2,714 barrier. Below that, the 50-period simple moving average (SMA) at 2,690 may act as a significant level.
All in all, the yellow metal rose around 6% over the last couple of weeks, confirming the bullish tendency in the short- and long-term views.
Source by: XM Global