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Gold At A Key Technical Level: Will It Hold Or Will It Fold?


Delta Derivatives is out Friday with a technical look at gold, noting that gold has been a bright spot in the commodity space of late, rallying 6 percent over the past two weeks. In the note, Delta Derivatives points out both the gold futures and SPDR Gold ETF (NYSE: GLD) have broken just slightly above a key resistance level, 1140 on the gold futures and 110 on GLD.

Delta Derivatives goes on to highlight some key takeaways:

  • While gold has rallied impressively in the past 10 trading days, it is now getting short-term overbought on an RSI basis.
  • Overhead resistance at the 1180 on gold futures (112 on GLD).
  • Gold broke above the 50-day moving average at 1137.20, which also coincides with the technical support level at 1140.
  • Overnight, gold futures rallied up to 1167.90, but now have fallen to trade lower at 1151.00, signaling that a period of consolidation may be in the offing.

Gold futures recently traded at 1152.00, down just slightly from Thursday's close.

Stock chart: 
Stock chart

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Posted-In: Technicals Commodities Markets Trading Ideas

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