Gold: Parallel support and MAs have captured our attention
It has a parallel support finds at 1236$, as of now low made at 1241.25$ vs last week’s low 1237.87$. The daily studies RSI has been making a higher low pattern and the oscillator is remaining bullish. Looking at the most recent daily studies patterns, we remain neutral until close below the support zone.
In addition to the parallel support, the other crucial moving average we are more focusing on the 200MA (weekly) finds at 1233$.
Two days forecast: We believe the price continues to hold the support zone 1236.050-1230.00$
At higher time frame (monthly) 50MA finds at 1231.50$ below this 100EA 1220.00$ exists.
We remain cautiously NEUTRAL as we continue to study the action.
In addition to the parallel support, the other crucial moving average we are more focusing on the 200MA (weekly) finds at 1233$.
Two days forecast: We believe the price continues to hold the support zone 1236.050-1230.00$
At higher time frame (monthly) 50MA finds at 1231.50$ below this 100EA 1220.00$ exists.
We remain cautiously NEUTRAL as we continue to study the action.