Gold remains persistent in targeting its inverted head and shoulders pattern on the daily timeframe, eyeing the 3,040-resistance.
However, monthly overbought conditions—seen in 2024, 2020, and 2011—raise caution for potential sharp reversals.
• In 2011, an overbought RSI led to a nearly 900-point retracement
• In 2020, a similar overbought condition resulted in a nearly 450-point decline
• In November 2024, another overbought reading triggered a nearly 250-point drop
• Now, gold has once again reached these overbought levels, raising caution for a potential momentum recharge.
Key Events:
🔹Israel-Gaza tensions escalate as the 2-month ceasefire ends
🔹Trump and Putin negotiate a ceasefire with #Ukraine
🔹The US Dollar weakens amid trade war risks, with focus on Wednesday’s FOMC for the long-term outlook
Key Levels:
🔺Above 3,040: The trend could extend to 3,080
🔻Below 3,040: A reversal may test 3,000, 2,955, 2,930, and 2,900
- Razan Hilal, CMT
However, monthly overbought conditions—seen in 2024, 2020, and 2011—raise caution for potential sharp reversals.
• In 2011, an overbought RSI led to a nearly 900-point retracement
• In 2020, a similar overbought condition resulted in a nearly 450-point decline
• In November 2024, another overbought reading triggered a nearly 250-point drop
• Now, gold has once again reached these overbought levels, raising caution for a potential momentum recharge.
Key Events:
🔹Israel-Gaza tensions escalate as the 2-month ceasefire ends
🔹Trump and Putin negotiate a ceasefire with #Ukraine
🔹The US Dollar weakens amid trade war risks, with focus on Wednesday’s FOMC for the long-term outlook
Key Levels:
🔺Above 3,040: The trend could extend to 3,080
🔻Below 3,040: A reversal may test 3,000, 2,955, 2,930, and 2,900
- Razan Hilal, CMT
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.