Welcome to Extreme Investor Network: Your Source for Stock Market Insights
Are you looking for expert analysis and unique information on the stock market, trading, and Wall Street? You’ve come to the right place. At Extreme Investor Network, we pride ourselves on providing valuable insights that set us apart from the rest. Let’s dive into today’s key support levels and potential trends in the market.
Two Key Support Levels at 20-Day and 50-Day MAs
As traders, it’s crucial to identify key support levels to assess the health of the market trend. Currently, the 20-Day MA is at 2,568 and the 50-Day MA is at 2,498. These moving average lines have converged with the relative uptrend line, marking potential support levels. Keep an eye on these levels as a drop below could trigger a bearish continuation of the decline.
Gold may find initial support around the 38.2% Fibonacci retracement at 2,633, with a stronger indication of strength if there’s a sustainable upside reversal from that level. Watch for support at the 50% retracement at 2,616 and this week’s low of 2,614.
Previous High and 61.8% Retracement Point to 2,600
After a market rises through a breakout level, it may pull back to test prior resistance as support. For gold, this level would be the previous high of 2,600 combined with the 61.8% Fibonacci retracement at the same price. Below that, you have the 20-Day MA and rising trendline to watch as potential support levels.
Pay attention to the relative strength index (RSI) momentum oscillator, which looks to be recovering from overbought territory. If it falls below the 70 level, it could support a bearish continuation in the short-term. However, if gold stays above the 20-Day MA during a retracement, there’s potential for a continuation of the bull rally.
For a comprehensive overview of today’s economic events and their impact on the market, don’t forget to check out our economic calendar for the latest updates.