Gold Prices Slows as Overbought Risks Emerge
- Gold hit a new record high of $3,058 but showed signs of slowing momentum on Thursday. Despite staying above key resistance at $3,043, a close below $3,026 could signal short-term weakness.
- The rally, which began at $2,880, has mostly seen higher daily closes, maintaining an uptrend. However, resistance near $3,080, marked by parallel trend channels, could challenge further gains. The RSI indicates overbought conditions, suggesting a potential pullback.
- If gold ends the week near its highs, bullish momentum may continue into next week, with the next target at $3,080.
- Gold hit a new record high of $3,058 but showed signs of slowing momentum on Thursday. Despite staying above key resistance at $3,043, a close below $3,026 could signal short-term weakness.
- The rally, which began at $2,880, has mostly seen higher daily closes, maintaining an uptrend. However, resistance near $3,080, marked by parallel trend channels, could challenge further gains. The RSI indicates overbought conditions, suggesting a potential pullback.
- If gold ends the week near its highs, bullish momentum may continue into next week, with the next target at $3,080.
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GOLDFXCC™ Leading Educational platform—whether you're just starting or an experienced trader, access knowledge and insights to refine your skills and achieve more.
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.