GOLD Spot technical analysis 06.03.2020

Gold is trading above 1667.00. Panic in global markets supports the price. Today, the price may adjust downward if US employment data is better than expected and average hourly wages rises. The gold decline can also be inspired by the ordinary profit taking after its noticeable price growth the day before.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is below the overbought zone and is turning down. Stoch turn down and leave the overbought zone.

Trading recommendations:

Sell gold after the price crosses the level of 1667.00 with a likely decrease to 1633.30.