After almost 50 days of unstoppable growth, Gold might be posing for more extended corretion to the downside.
Gold has been the only trending asset so far among major markets, and had attracted a lot of buyers, as Open interest was consistently growing and keeping steady along the entrire Februrary.
Volumes have been drying up across all markets, waiting for new narratives to arrive.
There are two major publications this week: US quarterly GDP (2nd estimate for Q4 2024) and PCE index on Friday. They will define the further situation with the monetary policy in the US and may shake out the markets.
Technically, Gold is overbought according to various metrics (Bollinger Bands, RSI) and may be setting up for a deeper correction up to 2830 area.
Don't forget - this is just the idea, don't forget to always do your own research and never forget to manage your risk!
Gold has been the only trending asset so far among major markets, and had attracted a lot of buyers, as Open interest was consistently growing and keeping steady along the entrire Februrary.
Volumes have been drying up across all markets, waiting for new narratives to arrive.
There are two major publications this week: US quarterly GDP (2nd estimate for Q4 2024) and PCE index on Friday. They will define the further situation with the monetary policy in the US and may shake out the markets.
Technically, Gold is overbought according to various metrics (Bollinger Bands, RSI) and may be setting up for a deeper correction up to 2830 area.
Don't forget - this is just the idea, don't forget to always do your own research and never forget to manage your risk!
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.