Gold Price Short-Term Target and Report

Gold Price Short-Term Target: The daily chart shows that gold trades at the lower end of its weekly range and that the risk remains skewed to the downside. gold develops well below bearish moving averages, with the 20 SMA currently at around $1,688, also the previous week’s high. The Momentum indicator heads south within negative levels, while the RSI recovered modestly and currently hovers around 30.

The recovery lost momentum in the near term, as the 4-hour chart shows that the pair retreated before reaching any moving average, all of them maintaining their downward slopes. At the same time, the Momentum indicator advanced within negative levels, but the RSI already resumed its slide and stands at around 38. A test of the $1,602 — $1592 area seems likely in the upcoming sessions if gold breaks below the aforementioned low.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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