The NYMEX Gold April futures have surged nearly 1.5 per cent to $ 1,216.80 - odd levels.
The NYMEX Gold contract has given a strong buy signal on the daily Fibonacci charts, as the yellow metal crossed the daily R-3 (resistance) at $ 1,210.20, and touched a high of $ 1,217.70 so far in trades.
Given the positive breakout on the daily charts, the NYMEX Gold futures are likely to trade with a bullish bias for the rest of the trading day as long as the Gold April contract sustains above $ 1,210 per ounce.
However, the overall trend remains bearish for the Gold futures, as the shiny metal is trading below all three key moving averages.
The 20-DMA (Daily Moving Average) is at $ 1,247, the 200-DMA at $ 1,243 and the 50-DMA is at $ 1,236.50. The 20-DMA is also likely to slip below the 200-DMA and 50-DMA in the coming trading sessions.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the Stochastic Slow and the ADX (Average Directional Index) are in favour of the bears. The 14-day RSI (Relative Strength Index) is also negative, but nearly oversold territory.
The NYMEX Gold contract has given a strong buy signal on the daily Fibonacci charts, as the yellow metal crossed the daily R-3 (resistance) at $ 1,210.20, and touched a high of $ 1,217.70 so far in trades.
Given the positive breakout on the daily charts, the NYMEX Gold futures are likely to trade with a bullish bias for the rest of the trading day as long as the Gold April contract sustains above $ 1,210 per ounce.
However, the overall trend remains bearish for the Gold futures, as the shiny metal is trading below all three key moving averages.
The 20-DMA (Daily Moving Average) is at $ 1,247, the 200-DMA at $ 1,243 and the 50-DMA is at $ 1,236.50. The 20-DMA is also likely to slip below the 200-DMA and 50-DMA in the coming trading sessions.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the Stochastic Slow and the ADX (Average Directional Index) are in favour of the bears. The 14-day RSI (Relative Strength Index) is also negative, but nearly oversold territory.
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