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Gold Today Technical Report 12/04/2016

Gold traded somewhat higher yesterday, but the advance was stopped by the 1260 (R1) level. The price structure on the 4-hour chart suggests that the precious metal could trade a bit higher, at least for a test near the 1268 (R2) territory. Nevertheless, our short-term oscillators give evidence that a corrective setback could be looming before the next positive leg. The RSI has just exited its above-70 territory, while the MACD, although above both its zero and trigger lines, shows signs that it could start topping. Switching to the daily chart, I see that the move above 1243 (S1) has possibly signaled that the retreat started on the 11th of March was just a corrective phase and that the longer-term uptrend is back in force.

GOLD 12

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