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Gold technical analysis: Bulls target 2014 top during further upside, overbought RSI doubts the rise

2019-06-20 13:35

  • A successful break of 2016 top favors the bulls towards targeting 2014 high.

  • Overbought RSI can trigger the pullback moves.



With the global risk-aversion wave fueling the Gold prices to the highest since March 2014, the yellow metal aims for that year top during additional upside as it takes the bids around $1379.65 ahead of the Europe markets open on Thursday.



While $1392.30 is likely immediate cap for the yellow metal, buyers might not refrain from targeting $1,400 round-figure and 50% Fibonacci retracement of 2012-16 downturn, at $1421.22, during further upside.



If at all overbought levels of 14-bar relative strength index (RSI) triggers the bullion’s profit-booking, January 2018 high near $1366 and February month tops around $1346.85 can please short-term sellers.



It should, however, be noted that the quote’s downside past-$1346.85 may diver bears towards 38.2% Fibonacci retracement of $1332.76 rest-point.



Gold: Weekly chart





Trend: Pullback expected





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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