Technical
8. Gold Continues Record Highs as the US Dollar Index Declines, Fading Hopes of a Fed Rate Cut_1
Technically, gold is currently consolidating and then accumulating, following a brief decline during the day. This decline appears to be a positive correction, allowing the market to clear some overbought conditions, as indicated by the Relative Strength Index (RSI). Despite short-term volatility, the main uptrend remains in place, and price action suggests a potential recovery.
The price structure shows a clear reversal in the movement, with a potential support zone forming between $3,309 and $3,290. If gold maintains its momentum above $3,327—either through a successful retest or a clear breakout—it could pave the way for a continued rise towards $3,338 and ultimately $3,352. The ultimate upside target at this stage is $3,440, provided momentum is confirmed above key support levels. Trading Recommendations
Buy Gold
Entry Price: 3325
Stop Loss: 3230
Take Profit: 344
8. Gold Continues Record Highs as the US Dollar Index Declines, Fading Hopes of a Fed Rate Cut_1
Technically, gold is currently consolidating and then accumulating, following a brief decline during the day. This decline appears to be a positive correction, allowing the market to clear some overbought conditions, as indicated by the Relative Strength Index (RSI). Despite short-term volatility, the main uptrend remains in place, and price action suggests a potential recovery.
The price structure shows a clear reversal in the movement, with a potential support zone forming between $3,309 and $3,290. If gold maintains its momentum above $3,327—either through a successful retest or a clear breakout—it could pave the way for a continued rise towards $3,338 and ultimately $3,352. The ultimate upside target at this stage is $3,440, provided momentum is confirmed above key support levels. Trading Recommendations
Buy Gold
Entry Price: 3325
Stop Loss: 3230
Take Profit: 344
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.