Gold is currently trading right around $4,755, sort of stuck in a tight squeeze between a clear support at $4,735 and a key resistance at $4,800. The price is holding on above this rising trendline, which is keeping the big picture looking pretty good, and the 50-EMA is flattening right beneath it, which suggests we’re in a bit of a balance between buyers and sellers right now.
Looking at the candles, we’ve got these tiny little bodies that are telling us price is consolidating after a quick rejection at $4,800 – which is suggesting a little hesitation rather than a full-on reversal, thankfully. And then of course there’s the momentum indicator – RSI is just hovering near 50, which is a pretty neutral spot. A break above $4,800 would be a good sign and could get us moving up towards $4,890, but on the other hand if we drop below that $4,735 support, we could be looking at a retest of $4,669.
