Technical Analysis – Gold remains bullish following a 1.3% gain
Posted on February 1, 2017 at 9:05 am GMTGold rallied yesterday closing the day 1.3% higher. In today’s trading so far it fell slightly below yesterday’s close. The RSI indicator is above the 50 threshold at 59, indicating a short-term bullish sentiment. Adding to this conviction are the stochastics as the %K line is also in bullish territory, while it has recently crossed above the slow %D line. On the upside, the 38.2% Fibonacci retracement (of the July 11 to December 15 downleg) at 1218.73 is likely to [..]