While bullion’s technical profile continues to be bullish, with a clear pattern of higher highs and higher lows, caution is advised, with the 10-week RSI indicator signaling possible overbought conditions. When markets become overextended in a short period of time, corrective pullbacks often follow, even if they turn out to be temporary or relatively minor.
In the event of a bearish shift, support can be identified at $2,145, followed by $2,070, as displayed in the weekly chart attached. Bulls will need to vigorously defend this technical floor; failure to do so may result in a retracement towards the 200-day simple moving average near $1,985. Further down
In the event of a bearish shift, support can be identified at $2,145, followed by $2,070, as displayed in the weekly chart attached. Bulls will need to vigorously defend this technical floor; failure to do so may result in a retracement towards the 200-day simple moving average near $1,985. Further down
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