US500: A further correction towards 5192 before resuming purchases.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Gold is overbought
2019-11-11 • Updated
On the daily chart of XAU/USD, the pair reached the high of February at 1,346.64. As a result, the pressure is high. RSI indicator is in the overbought area that signals a possible correction. Before the indicator crosses the 70 level from top to bottom, the pair has chances to continue the upward movement but an increase will be limited. The next level the pair may touch before the correction is placed at 1,357.45.
As soon as the pair turns around, we may see a slide towards 1,324. A close below this level will provoke a further decline to 1,305.45.
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