Technical Analysis:
• Daily Chart:
• Clear strong bullish momentum with price at 2906.68, trending above key moving averages.
• RSI at 77.97, indicating overbought conditions, suggesting potential for short-term retracement.
• MACD shows strong bullish momentum.
• 15-Minute Chart:
• Recent retracement from a high around 2932 suggests temporary resistance.
• RSI around 55.81, indicating a balanced market, with no immediate divergence signals.
• MACD shows waning bullish momentum but still trending positively.
• 3-Minute Chart:
• Evidence of intraday recovery from the recent drop, with price approaching resistance near 2907.
• MACD shows recovery signals, and RSI at 61.07 indicates room for further upside.
Fundamental Analysis:
• Recent strong gold prices likely driven by macroeconomic uncertainty and possible dollar weakness.
• Central bank buying and geopolitical factors remain supportive for gold prices.
• However, overbought technical levels may trigger profit-taking.
Trade Idea (Short Position - Countertrend):
Given the overbought daily RSI and potential for a short-term correction:
• Entry: 2905
• Stop Loss: 2920
• Take Profit: 2875
This provides a 2:1 Risk-Reward Ratio (15 points risk, 30 points reward).
• Daily Chart:
• Clear strong bullish momentum with price at 2906.68, trending above key moving averages.
• RSI at 77.97, indicating overbought conditions, suggesting potential for short-term retracement.
• MACD shows strong bullish momentum.
• 15-Minute Chart:
• Recent retracement from a high around 2932 suggests temporary resistance.
• RSI around 55.81, indicating a balanced market, with no immediate divergence signals.
• MACD shows waning bullish momentum but still trending positively.
• 3-Minute Chart:
• Evidence of intraday recovery from the recent drop, with price approaching resistance near 2907.
• MACD shows recovery signals, and RSI at 61.07 indicates room for further upside.
Fundamental Analysis:
• Recent strong gold prices likely driven by macroeconomic uncertainty and possible dollar weakness.
• Central bank buying and geopolitical factors remain supportive for gold prices.
• However, overbought technical levels may trigger profit-taking.
Trade Idea (Short Position - Countertrend):
Given the overbought daily RSI and potential for a short-term correction:
• Entry: 2905
• Stop Loss: 2920
• Take Profit: 2875
This provides a 2:1 Risk-Reward Ratio (15 points risk, 30 points reward).
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.