Technical analysis: Gold’s upside set to continue despite RSI’s
Gold’s rally is set to continue, with buyers gathering momentum. The Relative Strength Index (RSI), although at overbought conditions past the 70.00 level, aims north. Usually when an asset has a strong uptrend, the 80 reading is seen as the overbought extreme. However, as price action doesn’t show signs of exhaustion, the $2,350 mark is up for grabs.
On the flip side, the first support level would be $2,300. A breach of the latter will expose $2,250, followed by the $2,200 mark.
On the flip side, the first support level would be $2,300. A breach of the latter will expose $2,250, followed by the $2,200 mark.