GOLD Will Move Higher! Long!

13 Jan

Please, check our technical outlook for GOLD.

Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The price is testing a key support 2048.997.

Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 2077.660 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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