Gold Value: Key Chart Ranges in Focus
Gold – XAU/USD Technical Evaluation
Gold Value – Weak patrons & weaker Sellers
On Nov 26, Gold corrected downtrend transfer and created a better low at $1,450. On Friday, the value closed the weekly candlestick with a Doji sample highlighting the market’s indecision at this stage.
This week the Relative Power Index (RSI) crossed above 50, then remained flat reflecting the top of draw back transfer and the dearth of sufficient momentum from patrons to guide the value.
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Gold DAILY PRICE CHART (MaY 31, 2018 – DEC 5, 2019) Zoomed out
Gold DAILY PRICE CHART (AUG 1 – DEC 5, 2019) Zoomed In
Wanting on the day by day chart, we discover the value remains to be shifting within the buying and selling zone entered in Nov 4 ($1,440- $1,510). Gold remained buying and selling above the uptrend line originated from the Aug 1 low at $1,400 reflecting…