Technical
On Wednesday, the gold trade opened in the range of USD 1423.77 per troy ounce. The price of gold moves down towards its lowest daily price in the range of USD 1401.68 per troy ounce. The price of gold closed in the range of USD 1408.53 per troy ounce. The movement of the gold price gets a daily profit of USD 15.24.
Intraday bias, gold movement on the 4-hour chart looks in a bullish condition and currently the gold price is seen trying to make a correction phase. The price of gold still looks to be among the simple moving average indicators of 20 and 50 which is an area of support and resistance for the movement of gold. The indicator of relative strength index (RSI 14) is at level 50 with an indication of being in a bearish condition. Likewise, the momentum indicator 14 gives an indication of being in a bearish condition.


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