Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Gold opens week higher but not bullish yet

ByXM Group
AuthorTrading Point
Published 01/29/2024, 05:43 AM
Updated 05/01/2024, 03:15 AM
  • Gold_29_01_daily
    • Gold rises, but technical signals keep sentiment in balance
    • Needs a break above bearish channel at 2,035
     
    Gold started the week on a positive note, aiming to exit last week’s sideways trajectory above its 20-day exponential moving average (EMA) and the 2,035 trendline area after a couple of failed attempts.

    Although the horizontal move in the RSI and the stochastic oscillators are balancing hopes for a bullish breakout, upside pressures could stay in play if the 2,016 floor stays intact.

    A clear close above the 2,035 border and the short-term bearish channel could cheer buyers, lifting the price straight up to the key 2,065 region, which overlaps with the 23.6% Fibonacci retracement of the October-December upleg. Another success there could see a retest of December’s tough resistance region of 2,079-2,087 before the 2,100 psychological mark comes on the radar.

    Otherwise, a slide beneath the 2,016 base, where the 50-day EMA is currently flattening, may cause a sharp decline towards the 50% Fibonacci of 1,977. The 200-day EMA is also in the neighborhood at 1,961. If the bears overpower that barricade, the door will open for the 61.8% Fibonacci level of 1,938 and November’s low of 1,931.

    All in all, the precious metal keeps fluctuating within a well-defined area despite starting the week with positive momentum. An extension above 2,035 could confirm a new bullish wave, whereas a slide below 2,016 could activate fresh selling orders.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.