Gold Daily Outlook - June 13, 2022
On a four-hour scale, the gold price is about to break out of its sustained consolidation formed in a scope of $1,825.10-1,876.01. The bullish momentum has been strengthened by a stronger responsive buying action noted last week from $1,825.10. The precious metal is bidding up from its 50-period Exponential Moving Average (EMA) of $1,853.15.
In the meantime, the Relative Strength Index (RSI) (14) has entered a bullish range of 60.00-80.00, adding to the upside filters. The gold price rallied strongly upwards to breach $1,850, paving the way for more expected gains on an intraday basis, activating the positive scenario that targets $1,890.00 as the next central station, noting that the continuation of the bullish wave is dependent on price stability above $1,850.00, and significantly above $1,838.10. Good luck!