Gold Spot / U.S. DollarUpdated XAUUSD : Gold outlook for the coming weeks
Several times three or even four "white soldiers" patterns in a row and the RSI value of above 80 on the monthly chart indicate that the next monthly candle for gold will probably be red.
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Update 27-Oct-2024:
The green dotted line represents a mega-long trend that stretches back to the 1970s.
Given this fact, it is not a foregone conclusion that the gold price will necessarily rise next.
The uncertainties surrounding the upcoming change in US administration and the direction of interest rate and tariff policy are contributing to this. The intensification of global conflicts is doing the rest. In my opinion, you could currently flip a coin as to whether the gold price will rise or fall in the coming weeks. My spontaneous guess is that it will fall, although I could be wrong with this assessment. You have to decide for yourself.
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