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Gold Trading In A Strong Upward Momentum

Published 03/26/2015, 07:18 AM
Updated 02/02/2022, 05:40 AM

Gold has spiked up and it is trading above its upward trend line on a 4 hour time frame. The price has pierced the Bollinger band and it is trading away from its 20 day moving average which translates that the volatility is high. The piercing of the Bollinger band only has importance when this takes place at an important level of resistance or support and in this case it is taking place minor level of resistance.

The MACD and RSI indicator are trading in over bought zone which calls for caution.

Gold 4-Hour Chart

Important Levels

Resistance Zone

1223-1215 Minor

1245-1237 Major

Support Zone

1159-1166 Minor

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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