has just entered today the 1,355 - 1,365 1M Resistance Zone
with 1D highly overbought ( RSI
= 77.219) due to June's aggressive bullish
run. The price is undoubtedly inflated due to the recent geopolitical tensions (U.S. - Iran) and the correlation with DXY
has been broken. As soon as tensions ease, those dynamics will normalize and Gold
should start moving lower towards its fair technical value.
This presents an optimal sell opportunity as the 1M Resistance Zone
has worked as a sell accumulation point since 2017 and with a slight variation (-1,375) since 2014. We are now initiating a long term sell strategy on Gold
with a long term TP = 1,220.
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