Gold prices extended their upward momentum, reaching new historical levels in Friday’s trading, hitting $3,004 per ounce. This surge comes as technical indicators suggest that the bullish movement is still intact. However, a corrective decline to the $2,930 level is anticipated in the near future.
The key question now is whether gold will first climb further to $3,025 before the correction or if the price will undergo a corrective dip first, followed by a renewed upward movement. This scenario largely depends on the daily closing price of the yellow metal.
Looking at the Relative Strength Index (RSI), we observe that the upward trend remains strong, indicating the potential for further gains before any corrective pullback.
Key Levels to Watch:
A full daily candle close below $2,965: This could push gold back toward the $2,930–$2,925 range.
A full daily candle close above $3,005: This would reinforce the bullish trend, opening the door for gold to reach the $3,025–$3,030 range.
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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.