From a long-term point of view, the GOLD is ranging in what seems to be a triangle, due to lower highs since the boom in prices in August 2020 and higher lows, which allows the gold to be in an up-trend. This behavior is due to the recent crisis that turned investors to turn to commodities such as gold, considering it as a safe investment against inflation and crises in general. Now, what will the market do?
From a technical point of view, we assist a hidden divergence in the RSI as highlighted in the graph + a beautiful triangle is forming, it all depends on the breakage of this triangle (either from top or bottom)
IF FROM TOP: we will certainly reach the all-time highs (see the green horizontal line).
*IF FROM BOTTOM: the prices will range among the previous range (see the blue rectangle) and depending on volumes, we will discuss the results.
Keep an eye on the VOLUMES, they! make the market move, not prices.