GOLD: It's still not Out of the Downside Despite of Plenty of Momentum
1.
$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Technicals: Despite the rise in Asian gold prices, a bearish bias prevails in the short term under the influence of a bearish crossover of averages. 21-day simple moving average (SMA) fell below the 50-day moving average on Wednesday at the end of the day, confirming the bearish crossover.
Meanwhile, the 14-day Relative Strength Index (RSI) showed a modest rise, but is still below the midpoint, currently near 43, suggesting that gold prices are still in a ‘sell after the rally’ trading condition.
Selling pressure has resurfaced, and gold prices may continue to attack the 100-day moving average cut-off at $3,267, below which the June 30 low of 3248-45 would be threatened.
The last line of defence for gold buyers is expected to be at the May 20 low of 3205.
Go with the flow and keep sell orders in place!
Trading range is at 3310-3250
(Note: today is the last trading day of July, and usually the market fluctuates relatively violently on the last trading day of the month!)
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Gold looks to be rallying with plenty of momentum, but still not out of the downside!
Steady European market signals: Sell:3315-18
TP:3302-3300 SL:3326
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