Gold's Momentum Stalls Below the Key $3,000 Level
Gold surged to an un-sustained high of $2,942 per ounce, touching the lower boundary of its October 2023–2024 up-trending channel, before retreating below the key $2,920 level.
Key Events to Watch:
- Razan Hilal, CMT
- RSI has hit extreme overbought levels, last seen during the U.S. elections, signaling a potential pullback, especially with U.S. CPI data and trade negotiations ahead.
- A close above $2,920 could fuel a rally toward $3,050.
- Support levels to watch: $2,890, $2,820, $2,790, and $2,730.
- A break below $2,730 may shift the outlook to a long-term bearish trend.
Key Events to Watch:
- Trump’s Middle East ceasefire talks, evolving tariff strategies, and new sanctions on Russia and Iran.
- Fed Chair Powell’s testimony on monetary policy and inflation outlook.
- U.S. CPI release, shaping expectations for Federal Reserve policy shifts.
- Razan Hilal, CMT
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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.