Gold is rising for the second straight day on Friday.
Strong support at $1,850 remains intact following Monday’s drop.
Several moving averages reinforce resistance area near $1,900.
Following Monday’s sharp decline, the XAU/USD pair fluctuated in a relatively tight range and struggled to make a decisive move in either direction. However, the pair broke above its consolidation channel on Friday and rose to a four-day high of $1,896.90. Gold technical outlook The Relative Strength Index (RSI) on the daily chart is currently testing 50, suggesting that the near-term bearish outlook is turning neutral on the back of Friday’s rebound. However, a cluster of key moving averages above the price shows that buyers may remain reluctant to commit to an extended climb.Both the 50-day and the 100-day SMAs are currently located near $1,900 psychological level, forming a critical resistance in that area. Only a daily close above […]
November 17, 2020 (updated November 17, 2020) Published by StockMan