Gold Price Rally Pushes RSI into Overbought Zone
The price of gold climbs to a fresh yearly high ($2120) as it stages a four-day rally, while the Relative Strength Index (RSI) pushes into overbought territory for the first time this year.
Gold Price Outlook
The price of gold approaches the 2023 high ($2147) with a break/close above the $2141 (50% Fibonacci extension) to $2150 (100% Fibonacci extension) region opening up $2181 (61.8% Fibonacci extension).
The move above 70 in the RSI is likely to be accompanied by a further advance in gold like the price action from last year, but failure to test the 2023 high ($2147) may pull the oscillator back from overbought territory.
Failure to hold above $2102 (38.2% Fibonacci extension) may push the price of gold back towards the $2066 (23.6% Fibonacci retracement) to $2076 (78.6% Fibonacci extension) region, with the next area of interest coming in around $2053 (23.6% Fibonacci extension).
Gold Price Outlook
The price of gold approaches the 2023 high ($2147) with a break/close above the $2141 (50% Fibonacci extension) to $2150 (100% Fibonacci extension) region opening up $2181 (61.8% Fibonacci extension).
The move above 70 in the RSI is likely to be accompanied by a further advance in gold like the price action from last year, but failure to test the 2023 high ($2147) may pull the oscillator back from overbought territory.
Failure to hold above $2102 (38.2% Fibonacci extension) may push the price of gold back towards the $2066 (23.6% Fibonacci retracement) to $2076 (78.6% Fibonacci extension) region, with the next area of interest coming in around $2053 (23.6% Fibonacci extension).
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