Technical Analysis – Gold struggles to jump above 2,400
April 17, 2024 9:27 am
Gold finds support at mid-level of Bollinger band
Technical oscillators remain in positive territory
Gold prices are finding strong obstacles to surpass the 2,400 resistance level despite the spike towards the record peak of 2,431.48 in the preceding week. The price is still standing at the upper half boundary of the Bollinger band and the technical oscillators are indicating more gains.
The MACD oscillator is trying to move above its trigger line in the positive territory, while the RSI is sloping north above the threshold of 50.
A rising move above the 2,400 psychological level could lead the market towards the all-time high of 2,431.48 again, before challenging the next psychological mark of 2,500 and the 261.8% Fibonacci extension level of the down leg from 2,079 and 1,810 at 2,515.
However, if there is a slip below the mid-level of the Bollinger band and the 2,362 support the price could hit the 50-period simple moving average (SMA) at 2,355 ahead of the lower boundary at 2,342. More declines could open the way for a bearish correction until 2,320 and 2,303.
Gold finds support at mid-level of Bollinger band
Technical oscillators remain in positive territory
Gold prices are finding strong obstacles to surpass the 2,400 resistance level despite the spike towards the record peak of 2,431.48 in the preceding week. The price is still standing at the upper half boundary of the Bollinger band and the technical oscillators are indicating more gains.
The MACD oscillator is trying to move above its trigger line in the positive territory, while the RSI is sloping north above the threshold of 50.
A rising move above the 2,400 psychological level could lead the market towards the all-time high of 2,431.48 again, before challenging the next psychological mark of 2,500 and the 261.8% Fibonacci extension level of the down leg from 2,079 and 1,810 at 2,515.
However, if there is a slip below the mid-level of the Bollinger band and the 2,362 support the price could hit the 50-period simple moving average (SMA) at 2,355 ahead of the lower boundary at 2,342. More declines could open the way for a bearish correction until 2,320 and 2,303.
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