Detailed FX Market Outlook and Analysis

Gold Daily Analysis

Gold is currently trading 0.09% lower to $1858 ahead of the European session. The intraday support levels are at $1849 and $1836. The near-resistance areas are at $1864 and $1873.

The yellow metal is moving in a range of $1852 and $1867 for a third consecutive day and the upwards momentum seems to be slowing down. The RSI is at 64 and has a downwards curve while the MACD remains above the middle line and indicates a bullish trajectory. The SMA-14 support line is at $1845 and the SMA-50 support area is way below $1789. Following the narrow trading range, gold is presenting opportunities on both sides. A buy entry is ideal on small dips towards $1852 with a target of $1862 and a stop-loss at $1844

On the flip side, a spike towards $1866 favors selling entries with a target of $1854 and a stop-loss at $1875

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