Gold technical analysis
On a four-hour scale, the Gold price has dropped to near the 50-period Exponential Moving Average (EMA) at $1,827.60 after failing to extend rally. The upward-sloping trendline placed from November 23 low at $1,721.23 will act as major support for the precious metal ahead. Also, the 200-EMA at $1,790.23 has not been tested yet, which indicates that the long-term trend is still bullish.
The Relative Strength Index (RSI) (14) has dropped to near 40.00 which signals a consolidation ahead.
Anyway, it's a Friday and NFP report coming out tonight! Please take care of your trades! TGIF!
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