Can Gold hold its highs?
Gold has retested the record high of 2,940 twice, raising concerns about a potential double or triple-top formation, as the RSI hovers near overbought levels last seen in November 2024—after which Gold retreated nearly 100 points.
However, the latest price action still indicates strength to the upside, driven by haven demand amid unresolved negotiations concerning the Russia Ukraine war.
Ahead of the talks, the EU reaffirmed support for Ukraine, while Ukraine rejected any agreement made on its behalf, as discussions shifted exclusively between the US and Russia.
Possible scenarios:
🔹 Bullish Scenario: A close above 2,940 could extend gains toward $3,000 and $3,050.
🔹 Bearish Scenario: If the 2,940 resistance holds, Gold could retrace to support levels at 2,860, 2,790, and 2,720, respectively
However, the latest price action still indicates strength to the upside, driven by haven demand amid unresolved negotiations concerning the Russia Ukraine war.
Ahead of the talks, the EU reaffirmed support for Ukraine, while Ukraine rejected any agreement made on its behalf, as discussions shifted exclusively between the US and Russia.
Possible scenarios:
🔹 Bullish Scenario: A close above 2,940 could extend gains toward $3,000 and $3,050.
🔹 Bearish Scenario: If the 2,940 resistance holds, Gold could retrace to support levels at 2,860, 2,790, and 2,720, respectively
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.
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.