Momentum oscillators have been exhibiting encouraging signs. We have a higher low in the RSI as well as the MACD. Indeed, the MACD looks like it is on the verge of a bullish crossover with the signal line. However, it remains in negative territory and we could be seeing just a rebound. The rising RSI is touching the 50% line which in this case could act as resistance.
Although forming a white candle in the previous session, price is still being resisted by the 50dMA. The 50dMA has, in the past, proven to be a formidable resistance which pushed the price down as it was tested repeatedly earlier in November.
With the MACD still in negative territory and the RSI coming up against the 50% line as resistance, the 50dMA could be hard to overcome once again. If, however, it should be overcome, expect resistance next at the 20dMA which is currently at US$ 33.30 an ounce.
Having said this, if the 50dMA could be overcome convincingly, resistance posed by the 20dMA should be less of a problem. We could eventually, then, see the 100dMA tested. That is at US$36.51 an ounce now.
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