Gold Trading Sideways and Consolidating, RSI at 50
Gold is trading Sideway, but for how long?
Between $2280 and $2380, the longer this consolidates The better it is for Gold and the market is now accepting this price. Right now the RSI is at 50ish, so the price is neutral, but it will eventually break out one way or another.
Given this long consolidation period and the trend is still up, I suspect it will continue higher going into 2025 and beyond.
Central Banks are still net buyers and not selling... and the USD as the reserve currency will continue to come into question. Gold still has strong fundamentals for ownership.
Between $2280 and $2380, the longer this consolidates The better it is for Gold and the market is now accepting this price. Right now the RSI is at 50ish, so the price is neutral, but it will eventually break out one way or another.
Given this long consolidation period and the trend is still up, I suspect it will continue higher going into 2025 and beyond.
Central Banks are still net buyers and not selling... and the USD as the reserve currency will continue to come into question. Gold still has strong fundamentals for ownership.
Related publications
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.