Gold breaks significant support $5000 and trades well below that as demand for safe-haven assets decreases. After hitting a peak around $5415, it’s currently hovering near $4977.
|
Technicals |
CMP -$4910 |
Trend |
|
|
4- Hour chart |
Value |
|
|
|
55 EMA |
$5084 |
CMP < 55 EMA |
Bearish |
|
200- EMA |
$5034 |
CMP < 200- EMA |
Bearish |
|
365- EMA |
$4871 |
CMP >365 EMA |
Bullish |
Major support- $4920/$4853/$4800. Major bearishness below $48100. Any violation below targets $4400/$4000/$3605.
|
Momentum indicator (4-hour chart) |
Inference |
Value |
|
CCI(50) |
Bearish |
-110.86 |
|
ADX |
Bearish |
Strength increased from 39 to 44 |
It is good to sell on rallies around $5048-50 with SL around $5240 for a TP of $4000/$3600.
