Spot gold found support at 1971.60. Despite the increased pressure from dollar, it continues to hold above 1900, thanks to its traditional safe-haven function. Locally, gold has a chance to continue its upward trend, but that will happen in the face of growing positive market sentiment, which may prevail today.
Technical picture:
Gold is currently below the middle line of the Bollinger indicator, below SMA 5 and SMA 14. The RSI is above 50% and indicates a likely weakening of growth. Meanwhile, the stochastic indicator is in the oversold zone and is demonstrating a likely local upward reversal.
Possible dynamics:
A consolidation above 1971.60 may lead to an increase to 2000.00.
