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XAUUSD:Gold ready for a technical drop?

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Immediate delivery of gold has experienced a significant weekly increase, the largest since November, due to concerns about the global financial market's widespread contagion this week.

Gold has surged to its biggest weekly gain since November, fueled by concerns over the spread of the global financial market this week.

The Credit Suisse crisis has further intensified risk aversion due to the collapse of Silicon Valley Bank, prompting market participants to flock to safe-haven assets.

With the 14-day relative strength index (RSI) of gold entering "overbought" territory, if the RSI surpasses the 70 level, it could trigger a technical sell-off for spot gold.

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- The number of homes for sale in the US fell to record low levels in May as high mortgage rates continue to deter people from moving.

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Connors RSI

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The Fed's statements drop gold.. Are prices at risk of collapsing?

Gold prices fell on Thursday, hovering near a three-month low, after renewed talks about raising interest rates by the US Federal Reserve.

Traders are now awaiting the weekly Initial Jobless Claims data in the United States at 15:30 KSA, which is an important indicator for the US economy, and the Bank of England's interest rate decision after inflation data came back higher than expected again, with investors divided over the size of the new rise.

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