GOLD Record highs under review
Gold finished at $2514 (+0.39%) overnight, a fresh record high, ahead of tonight's revisions to US payrolls data, tomorrow's FOMC meeting minutes, and Fed Chair Powell's speech at Jackson Hole, all of which are anticipated to be dovish.
Despite its close just above trend channel resistance, we note bearish divergence evident via the RSI indicator. We need to see gold maintain altitude above recent highs of 2480ish for it to extend gains towards $2600 in the sessions ahead. Aware that a sustained break below 2480ish would be an initial warning, a deeper pullback is looming towards $2400.
Despite its close just above trend channel resistance, we note bearish divergence evident via the RSI indicator. We need to see gold maintain altitude above recent highs of 2480ish for it to extend gains towards $2600 in the sessions ahead. Aware that a sustained break below 2480ish would be an initial warning, a deeper pullback is looming towards $2400.
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