Gold Stability Amidst Rising US Yields
Gold remains stable amidst a downward trend, given the backdrop of rising US yields. Reduced tensions in the Middle East contribute to market stability, albeit dampening the demand for gold.
Looking at the one-hour chart, it's evident that gold's potential for price appreciation is still constrained. The Relative Strength Index (RSI) has solidified around the 40 mark, indicating a significant decline in upward momentum within the downtrend. Furthermore, the formation of a triple top pattern along with substantial price declines also signals a clear phase of market weakness.
Looking at the one-hour chart, it's evident that gold's potential for price appreciation is still constrained. The Relative Strength Index (RSI) has solidified around the 40 mark, indicating a significant decline in upward momentum within the downtrend. Furthermore, the formation of a triple top pattern along with substantial price declines also signals a clear phase of market weakness.
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