Gold , More Bullish Momentum Before Possible Topping ; 1711 & 1760 Are Important Pivots !

As shown on the chart posted below, according to RSI more bullish momentum is suggested as long as 1760 holds, a clear break below 1760 would lead  for consolidation But any pullback is supposed to be contained by 1743/1727 levels , losing 1727 would mean that the bullish momentum in short term is gone !!!

Keep in mind , that stability above 1776 will keep the intaday trend very bullish !!

In the bigger picture, according to weekly RSI , price action is testing 1787/1802 levels, topping around these levels is suggested , a daily closing below 1711 would confirm short term top around 1800 levels , but in return a weekly closing above 1802 would increase the risk toward 1900 levels as weekly RSI suggested !!!

Best Regards

Haitham653

Views: 157

Tags: Gold, XAU/USD

Comment

You need to be a member of Forex Social Network to add comments!

Join Forex Social Network

Members

© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video