Gold Trading In A Strong Upward Momentum
AvaTrade | Mar 26, 2015 07:18AM ET
Gold has spiked up and it is trading above its upward trend line on a 4 hour time frame. The price has pierced the Bollinger band and it is trading away from its 20 day moving average which translates that the volatility is high. The piercing of the Bollinger band only has importance when this takes place at an important level of resistance or support and in this case it is taking place minor level of resistance.
The MACD and RSI indicator are trading in over bought zone which calls for caution.
Important Levels
Resistance Zone
1223-1215 Minor
1245-1237 Major
Support Zone
1159-1166 Minor
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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