(The following is solely my personal opinion and not investment advice. Please make your own judgments before making any decisions.)
Gold saw a sharp rally last week, and the RSI indicates it is overbought. If a bearish crossover appears on the weekly MACD, gold may face a short-term pullback.
Based on current observations, this upward move might peak around 3279–3295, with potential downside targets at 2966–2835. If the decline continues, there's a chance it could retrace further to around 2500.
Similar patterns occurred in August 2011 and July 2020. In 2011, gold dropped from 1930 to 1045, and in 2020, it fell from a high of 2076 to 1619.
This is a technical warning — short-term traders should be mindful of the risks. For long-term holders, I personally wouldn't be too concerned about a short-term correction in gold prices.
Gold saw a sharp rally last week, and the RSI indicates it is overbought. If a bearish crossover appears on the weekly MACD, gold may face a short-term pullback.
Based on current observations, this upward move might peak around 3279–3295, with potential downside targets at 2966–2835. If the decline continues, there's a chance it could retrace further to around 2500.
Similar patterns occurred in August 2011 and July 2020. In 2011, gold dropped from 1930 to 1045, and in 2020, it fell from a high of 2076 to 1619.
This is a technical warning — short-term traders should be mindful of the risks. For long-term holders, I personally wouldn't be too concerned about a short-term correction in gold prices.
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.