Gold Witnesses High Volatility Close To $1317
ICN.com | Jun 30, 2016 04:28AM ET
The price of gold is witnessing high volatility in levels close to $1317.00, and this level is important to determine price direction. Despite the general positivity, the signs of weakness appearing on the Relative Strength Index make us prefer to stay aside this day.
Breakthrough of 1332.00 is required to prove the positivity and the extension of the upside wave, while breaking 1300.00 will prove the extension of the downside correction. Between those levels we prefer to be neutral, to avoid any fluctuation that may occur due to technical conflict between moving averages and RSI, and the large decline in the trend powers according to ADX.
- Support:1310.00 – 1303.00 – 1291.00
- Resistance: 1325.00 – 1332.00 – 1368.00
Direction: Neutral
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