I am not sure what gold's long term outlook is, but it has been holding strong after the ATH rally. This morning was a really deep test, but the price rebound very quickly. I don't think there is much to worry about. Its normal to see these kind of tests to determine support. The fact it bounced back above support was promising. I would not be surprised if gold makes a break to the upside. Will have to see what the closing price is today.
Note
not the most promising final candle, but at least it is back up in the support range. Note that the RSI is well into the oversold, so that is a promising sign it could rally back up.Note
Update for Tue, Sept 22. This was a very weak day for Gold. I really would have like to see if bounce up and out of the support zone not break below. Not sure if this is just a test or a sign of true weakness.
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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.