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Gold is Testing the Trend Line

Burc Oran by Burc Oran
October 27, 2021
Reading Time: 2 mins read
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Gold is Testing the Trend Line
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ETFs’ Gold Holdings
ETFs’ Gold Holdings

After a long time, ETF gold holdings increased significantly at yesterday’s sell-out. Rising inflation expectations around the globe with calm US 10-year rates are supporting the bullion. On the other hand, the major resistance, the 233-day moving average has been stopping almost every upside rally with the help of a relatively strong dollar index. 

Gold Hourly Chart
Gold Hourly Chart

Now gold is testing the lower line of the short-term trend channel. 1780-1775 zone will be crucial for the direction. If gold can hold inside of the trend channel, a move to the middle point of the trend might begin. RSI is giving a slight bullish divergence which is a good thing for a bullish outlook. Around 1805 will be a good target for this week, which is also close to the infamous 233-day moving average. 

If gold cannot stay inside of the channel, the bullish story may change rapidly. 1765 and 1745 can be followed as possible support levels for downside moves. 

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