GOLD 13/07: Gold is back

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GOLD GOLD trades at the highest level in almost a month and the daily chart shows that the bulls have regained control of the bright metal. Gold is currently growing above the slight upside of the 100 Simple Moving Average (SMA), at 1,950$.

In the near term, and according to the 4-hour chart, the bright metal is looking overbought, but as it puts pressure on the intraday high, GOLD could rally further before eventually correcting some. Technical indicators are consolidating at extremes, while the 20 SMA gains traction above the 100 SMA, albeit below the undirected 200 SMA.

Looking at the H4 chart, the candle is above the EMA, so the uptrend will continue to around 1970$, right here Nova expects a beautiful sell signal. Let's wait and see what can happen

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