- Technical analysis on daily GC chart.
- Levels to watch.
Technical analysis
RSI: The RSI was oversold a few days ago but has pumped out of the zone and went from a reading of 22 to a reading of 57 in the space of 3 days. This could be a move that is too powerful in the short term, so we can expect some consolidation to occur from here.
Support Zone: GC also tested a support zone, as shown in the chart below, but also bounced out of it very quickly. This was after the Fed comments from last week. Moving forward, if prices test this level once more, it could be the place to take long positions after a bullish candlestick formation or on a bear trap.
Volume Profile: Price is testing the point of control line at $1,938, as shown in the chart below with the red line. This will be difficult for bulls to push above, but as long as investors look for safe-haven assets, it is just a matter of time with current sentiment.
Levels To Watch
$1831 as a support level that could give long opportunities if price retraces there. $1970 as a possible resistance.
