Gold Is Due Another Rally

Price has managed to hang on to the support at 1471. 20EMA is now moving into this area to provide another level of support for price. Stochastic is near to the overbought extreme but Stochastic could be seeing a bullish crossover and another push into the extreme. MACD is still bullish, hinting that this price decline could be a corrective decline. MACD could be about to move up again, supporting price higher. As long as price stay above 1470, price could be heading to the Fibonacci 127% price projection level at 1492.27. If long at 1471, a stop should be placed at 1463.

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