Gold is trading at the lower end of 1794.70–1813.00 after reaching the local maximum. If the market sentiment today shifts to positive, the price of gold may decrease.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. Movings averages suggest selling. …
The overall trend is upward. The level of 133.94 (50% Fibo) is holding back sellers. The pair is trading in the range of 365 and 135 moving averages. A breakout of 134.90 will result in the formation of an ascending wave pattern within the overall uptrend.
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