International Gold: Kitco Technical Charts
Key Levels:
* Resistance: $1,835, $1,850, $1,875
* Support: $1,810, $1,800, $1,785
Technical Analysis:
Daily Chart:
* The daily chart shows that gold has been consolidating within a range of $1,810 to $1,835 for the past few days.
* The 50-day moving average (MA) is currently providing support at $1,810.
* The relative strength index (RSI) is hovering around 50, indicating neutral sentiment.
4-Hour Chart:
* The 4-hour chart reveals a descending triangle pattern with resistance at $1,835 and support at $1,810.
* The triangle’s apex is approaching, creating a potential breakout opportunity.
* The MACD indicator is showing a bullish crossover, suggesting upward momentum.
1-Hour Chart:
* The 1-hour chart shows that gold has been moving within a bullish channel since breaking above $1,810.
* The upper boundary of the channel is at $1,835, while the lower boundary is at $1,820.
* The Stochastic oscillator is indicating oversold conditions, suggesting a potential pullback.
Outlook:
* Bullish scenario: A breakout above $1,835 could send gold towards $1,850 and $1,875.
* Bearish scenario: A breakdown below $1,810 could lead to a decline towards $1,800 and $1,785.
* Neutral scenario: Consolidation within the range of $1,810 to $1,835 is likely to continue until a breakout occurs.
Trading Strategy:
* Buy: Consider buying above $1,835 with a target of $1,850 and a stop-loss below $1,810.
* Sell: Look for selling opportunities below $1,810 with a target of $1,800 and a stop-loss above $1,835.
* Hold: Maintain long positions above $1,835 and short positions below $1,810.
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