4-hr GOLD: A Buying Opportunity for Another $100 Rise
GOLD's uptrend has regained strength, with several factors supporting further gains. The RSI bounced from oversold levels and now stands at 65, signaling growing demand and increasing buying volume. Additionally, the appearance of a Golden Cross—a historic buy signal—confirms strong bullish momentum. The recent shallow pullback, reaching only the 23% Fibonacci retracement level, suggests traders are buying aggressively even during minor dips. A decisive breakout above the key Triple Top at 2,724 indicates the possibility of further upside, potentially drawing more buyers before another correction in the coming weeks. Traders looking to enter now with a market order could set a stop loss at 1.5% distance and a take-profit target above 2,820, achieving a favorable 1:3 risk-to-reward ratio. Broader market dynamics, including a risk-on sentiment, rising stock markets, and a potentially weakening USD, could further support higher GOLD prices in the near term.
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