After almost 50 days of unstoppable growth, Gold might be posing for more extended corretion to the downside.
Gold has been the only trending asset so far among major markets, and had attracted a lot of buyers, as Open interest was consistently growing and keeping steady along the entrire Februrary.
Volumes have been drying up across all markets, waiting for new narratives to arrive.
There are two major publications this week: US quarterly GDP (2nd estimate for Q4 2024) and PCE index on Friday. They will define the further situation with the monetary policy in the US and may shake out the markets.
Technically, Gold is overbought according to various metrics (Bollinger Bands, RSI) and may be setting up for a deeper correction up to 2830 area.
Don't forget - this is just the idea, don't forget to always do your own research and never forget to manage your risk!
Gold has been the only trending asset so far among major markets, and had attracted a lot of buyers, as Open interest was consistently growing and keeping steady along the entrire Februrary.
Volumes have been drying up across all markets, waiting for new narratives to arrive.
There are two major publications this week: US quarterly GDP (2nd estimate for Q4 2024) and PCE index on Friday. They will define the further situation with the monetary policy in the US and may shake out the markets.
Technically, Gold is overbought according to various metrics (Bollinger Bands, RSI) and may be setting up for a deeper correction up to 2830 area.
Don't forget - this is just the idea, don't forget to always do your own research and never forget to manage your risk!
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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.
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.