Gold Makes Recovery Attempt, Aiming for $1,970 as USD Retreats.
The price of gold is currently undergoing a recovery as it seeks to regain ground above the $1,960 level, benefitting from a decline in the US Dollar index's upward momentum. Market participants are anticipating neutral policy guidance from Federal Reserve Chairman Powell's upcoming speech, which is influencing sentiment surrounding the precious metal. Additionally, end-of-the-week flows are expected to have an impact on the price dynamics of gold.
From a technical perspective, there are indications of a divergence and overbought conditions on the Relative Strength Index (RSI), suggesting a potential shift in the market. Based on our analysis, we are considering the possibility of a new bearish impulse in the near future.
From a technical perspective, there are indications of a divergence and overbought conditions on the Relative Strength Index (RSI), suggesting a potential shift in the market. Based on our analysis, we are considering the possibility of a new bearish impulse in the near future.
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