Gold Favors Beyond $2,600
Technically, the $2,600 round - number level, which is also the all - time high reached on Wednesday, may present some resistance before the $2,613 - 2,615 zone. This $2,613 - 2,615 zone represents the upper edge of a short - term ascending trend channel that has been in existence since June and should function as a crucial pivot. Since the oscillators on the daily chart are firmly in positive territory and are still far from the overbought area, a continuous strength above this mentioned level will be considered a new incentive for the bulls and will prepare for a further short - term upward movement of the gold price.
On the contrary, the $2,551 - 2,550 area currently seems to guard against the immediate downward movement before the $2,532 - 2,530 horizontal resistance break - point. Some continuous selling could expose the psychological level of $2,500. If the gold price drops below this level, it could speed up its decline towards the $2,476 convergence point, which consists of the 50 - day Simple Moving Average (SMA) and the lower edge of the channel. A definite break below this point will imply that the XAU/USD has peaked in the near - term, leading to a decline towards the 100 - day SMA, around the $2,412 area, on the way to the $2,400 mark.
On the contrary, the $2,551 - 2,550 area currently seems to guard against the immediate downward movement before the $2,532 - 2,530 horizontal resistance break - point. Some continuous selling could expose the psychological level of $2,500. If the gold price drops below this level, it could speed up its decline towards the $2,476 convergence point, which consists of the 50 - day Simple Moving Average (SMA) and the lower edge of the channel. A definite break below this point will imply that the XAU/USD has peaked in the near - term, leading to a decline towards the 100 - day SMA, around the $2,412 area, on the way to the $2,400 mark.
Note
Gold, Go, GoNote
Gold looks like overbrought, cannot rule out consolidation
The Gold price inches higher. Gold maintains a robust bullish trend on the daily timeframe as the price is firmly supported above the crucial 100-day Exponential Moving Average (EMA). Nevertheless, the 14-day Relative Strength Index (RSI) is positioned above the midline close to 70.50, signifying the overbought RSI condition. This implies that further consolidation cannot be discounted before positioning for any imminent rise in the Gold price.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.