Gold is well overbought on the weekly timeframe and is overdue for a correction in price. The metal's price displayed 4 separate attempts this past week to push above the previous week's high and failed each time. This is reason to believe that the top is in, for now at least.
2150 area would be a good place for price to retrace, then the biased outlook would be for the bullish trend to continue. However, with the retail sentiment being so overwhelmingly bullish, I wouldn't be surprised if the market makers were to turn bearish, ultimately driving price further down, as a way to capitalize off the warhawks.
2150 area would be a good place for price to retrace, then the biased outlook would be for the bullish trend to continue. However, with the retail sentiment being so overwhelmingly bullish, I wouldn't be surprised if the market makers were to turn bearish, ultimately driving price further down, as a way to capitalize off the warhawks.