GOLD – Chart
In the commodities market, gold
exhibits a bright sheen, posting a 0.58% increase, with its price hitting $1992 in the latest session. The precious metal has found its fulcrum at a pivot point of $1,972, signaling a potential for further climbs if it can breach the immediate resistance pegged at $2,010.
Additional barriers await at $2,052 and $2,079, with support levels formed at $1,935 and stretching down to $1,858, should the market turn.
Technical indicators align with the current uptick, as the Relative Strength Index (RSI) reads at 61, suggesting a healthy bullish bias without straying into overbought territory.
The MACD echoes this sentiment, with a current value indicating an uptrend as gold positions itself comfortably above the 50-day EMA of $1,967.
Gold’s chart patterns, including a ‘bounce-off’ above the $1940 50 EMA line and a ‘three white soldiers’ formation, reinforce the bullish outlook.
As the market digests these signals, the expectation is that gold may soon challenge the upper resistance levels, provided the bullish momentum sustains above the $1,972 mark.