After a deep break of the 50-day simple moving average (SMA) at the stop of the run, gold went on a massive rise, which created a series of new record values. If the bull returns, the bag could be about to fall, or short-term oscillators signal overbought signals. If the rally were to continue, the price could resume its movement in unmarried levels. Therefore, the bulls could turn again at 2,290 before 2,347. If it does not stop here, bullion could encounter resistance at the round of 2,500. at the level of 2,213. Its breakthrough could open the way to the level of 2,181. The deep decline could then stop around the level of 2,142. Gold has grown sharply in the last few sessions, reaching historical highs and even trading above the upper Bollinger band. The risk of a downward correction is therefore growing, given that technical indicators are warning of rapid growth.
Author of the link: Tm Instaforex
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