Gold Technical Analysis for Today: 8th August
On a four-hour scale, the gold price is declining towards the lower portion of the Rising Channel, which is placed from July 21 low at $1,681.87. While the upper portion is plotted from July 22 high at $1,739.37.
The precious metal has defended the 200-period Exponential Moving Average (EMA) at $1,765.80. Also, the bright metal is holding above the 50-EMA at $1,760.00, which signals the strength of the gold prices.
While, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range, which indicates that the gold bulls are not holding a bullish momentum for a while.
The precious metal has defended the 200-period Exponential Moving Average (EMA) at $1,765.80. Also, the bright metal is holding above the 50-EMA at $1,760.00, which signals the strength of the gold prices.
While, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range, which indicates that the gold bulls are not holding a bullish momentum for a while.
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