Today is another mixed trading in the precious metals’ markets, with gold and platinum finishing higher on the day, and silver and palladium trading lower. Over the last few weeks, investors have observed decoupling of the precious metals, where the correlation among commodities seems to fade as precious metals do not move in tandem with each other. Well, it can be due to multiple reasons, but now lets us take a look at the technical side of the market.
Today gold is trading up and down within a narrow trading range of $1,308 – $1,301. Technical indicators intimate that a break above $1,310 can lead gold prices towards $1,317 level but the level seems pretty solid.
Other technical indicators like RSI and Stochastics are holding in the overbought zone, suggesting a potential of bearish retracement until $1,302.
Key Trading Level: 1299.07
The series of moving averages are staying around $1,301 to support the weak gold prices today. Below this, precious metal can head towards $1,297. Considering buying above $1,300, the psychological trading level as It worth the risk. All the best.