Great run last week for Gold with the 1D RSI turning overbought and hitting 70.000 for the first time since March 8th (1D technicals now: RSI # 66.429, MACD # 22.770, ADX # 37.696).
Profit taking is very possible now and it should be no surprise that the 1D RSI got rejected just as it turned overbought.
The rise since November 3rd broke above the 2022 Channel Down and in order to establish a new bullish trend, it needs to find buyers lower and create new Support levels.
The 1D MA50 is currently at 1,676.41 and the 4H at 1,692.02.
Notice that even though the DXY remains heavily bearish, it is the US10Y that continues to set the tone as it rebounded on its 1D MA50, causing today's consolidation on Gold.
If it continues to rise, expect a deeper Gold pull-back to the levels I mentioned. All prices mentioned on my analysis are on XAUUSD.
Profit taking is very possible now and it should be no surprise that the 1D RSI got rejected just as it turned overbought.
The rise since November 3rd broke above the 2022 Channel Down and in order to establish a new bullish trend, it needs to find buyers lower and create new Support levels.
The 1D MA50 is currently at 1,676.41 and the 4H at 1,692.02.
Notice that even though the DXY remains heavily bearish, it is the US10Y that continues to set the tone as it rebounded on its 1D MA50, causing today's consolidation on Gold.
If it continues to rise, expect a deeper Gold pull-back to the levels I mentioned. All prices mentioned on my analysis are on XAUUSD.