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Gold Rallies To be Contained With An Overbought Market

24 July 2017 06:12 PM BDT
Gold Rallies To be Contained With An Overbought Market

FxGrow Daily Technical Analysis – 24th July, 2017 By FxGrow Research & Analysis Team Gold Rallies To be Contained With An Overbought Market Gold was on a superb performance on Friday set on +12.35 gain and 1255.85 high. Today the precious extended rallies but on a slower pace adding +3.75 and July new high record at 1258, currently trading 1256.55 intraday, above daily EMA at 1243. Technically, H4 RSI stands at 79%, hourly RSI at 65%, and daily RSI at 61.4%. On the other hand, Fibo level 61.8% indicates $1261 price. Taking into consideration that gold is currently bullish, but in XAUUSD wants to press forward, expectations for some correction consolidation sessions where market balances itself. Add to that, U.S Index been on an aggressive selloff wave hitting yearly low today at 93.63 low with daily RSI at 25% which indicates for some upward corrections pressuring gold for some retreats. On ZigZag pattern, gold dropped from 1296 high to 1204 low, lower than last time gold rallies from 1214 low, so expectations that gold rallies are on the maturing phase. Technical Summary: ... For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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