Technical Analysis: Gold price needs to consolidate before the next leg up amid overbought RSI on the daily chart
From a technical perspective, the extremely overbought Relative Strength Index (RSI) on the daily chart makes it prudent to wait for some near-term consolidation or a modest pullback before positioning for any further appreciating move. Meanwhile, any corrective decline might now find some support near the $2,280 level ahead of the overnight swing low, around the $2,265 region. Some follow-through selling, however, might drag the Gold price further below the $2,250 level towards the weekly through, around the $2,229-2,228 zone. The latter should act as a key pivotal point, which, if broken decisively, should pave the way for deeper losses and expose the $2,200 psychological mark.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.