Gold Eyes 1169 In Short Term

Gold prices extended its limited Thursday’s bounce on Friday, with spot ending the day around $ 1,134.00 a troy ounce.

Nevertheless, the bright metal closed the week  in the red, as Chinese rate cuts boosted stocks and forced investors out of the safe-haven metal.

Spot gold, however, maintains a positive tone in its daily chart, as the price has managed to bounce from a bullish 20 SMA, currently around 1,124.00, whilst the RSI indicator has bounced from its mid-line and aims higher around 53.

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In the shorter term, the 4 hours chart shows that the price holds above its 20 SMA that has lost its bearish slope, whilst the Momentum indicator heads higher above the 100 level and the RSI indicator holds around 50 with no directional strength.

Friday’s high stands at 1,140.82, becoming the immediate resistance for this Monday.

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