Gold getting closer to the 200 moving average


February 8, 2017

Gold is currently moving closer to the 200 moving average of 1264 and could find some resistance soon. Gold last January found some nice support close the 50 moving average and started this rally to the 200 MA. RSI and Stochastic is currently at overbought levels and definitely we could see some profit taking soon. A lot of traders are predicting that gold could go higher due to the possibility that the US Dollar could weaken. We could see gold test the high of Nov 2016 in the near future.