Free Forex And Gold Signals

Good day traders!

Gold Daily

Technically;

1. Gold had rose for three straight days now and traditionally any gain in the early week of the year would signal more bulls are coming from the metal .
2. The question now; can this bulls continue? To answer that question, I drew a 200 MA on our chart. And by looking at it now, the current price, which now stands at $1611.15 are still below our 200 MA, which at this point of writing is at $1630.68.
3. In order for gold to confirm its bullish momentum, it need to be above the 200 MA and eventually making the level a strong support level.
4. Taking into record, our 21Dec high at $1642 was the last it ever went above the MA. It turn out to be a doji.
5. Using ADX, we can simply see that there’s no trend yet for the yellow metal. ADX itself is still at 22 and both the directions are pointing lower.
6. RSI is still hovering on the equilibrium level.
7. Our strong support lies at psycho level $1600, $1583,$1560 and $1522.
8. Resistances are found at $1642, $1666, psycho level $1700 and $1762.

Happy piping!

Shufaad