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Gold Loses Shine as Crude Oil Surges: Safe-Haven Metal Retreats Toward USD 4,500 Support

Gold struggles to break above 200- 4H EMA and pared most of its gains as crude oil price surge.  After hitting a peak around $4800 yesterday, it’s currently hovering near $4589.

Technicals

CMP -$4589

Trend

4- Hour chart

Value

 

 

55 EMA

$4621

CMP < 55 EMA

Bearish

200- EMA

$4804

CMP < 200- EMA

Bearish

365- EMA

$4775

CMP < 365 EMA

Bearish

 Major support- $4530/$4500/$4400/$4000. Major bearishness below $4000. Any violation below targets $3605/$3000/$2800. 

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bullish

-110.86

ADX

neutral

Strength increased from 39 to 44

 It is good to sell on rallies around $4628-30 with SL around $4800 for a TP of $4000/$3600.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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