Gold gains above the $ 3,000 mark could probably be short-lived, as momentum indicators of the precious metal suggest that a withdrawal can be imminent.
Although the recovery of the resistance of $ 3,500 remains a key target, Gold has entered its most basically level on the monthly relative force index (RSI) since February 2008.
The Gold RSI increased to 84.63, well above the 70 surface threshold, marking its highest level since early 2008, just a few months before metal contains a strong correction in the middle of the global financial crisis.
Over the past two decades, over the past two decades, similar peaks in the monthly RSI have often marked long -term summits in the gold market.
Gold’s recent momentum has been motivated by investors who move towards package assets in the middle of the general volatility of the market powered by uncertainty about commercial prices.
This climate has contributed to growing warnings from market participants concerning a possible imminent recession.
Already, gold displays a weakness, down 1% at the time of the press for an evaluation of $ 3,283, although it remains of 25% over one year to date.
The current price is above the simple 50-day mobile average (SMA) of $ 3,127 and the 200-day SMA of $ 2,828, indicating a sustained optimistic trend.
Forms of golden gold
Meanwhile, the veteran merchant Peter Brandt suggested that the yellow metal could go to new losses.
In an X job On April 29, Brandt noted that Gold formed a rolled pattern in a descending triangle, with lower peaks created against horizontal support near the level of $ 3,300.
He indicated that gold seems to form a triangle descending of continuation, a lower motif which often signals more.
Brandt also sees a strong resemblance to the configuration of the 2013 weekly graphic, which preceded a clear rupture and an extensive bearish cycle. If this analog takes place, gold could violate the current support of almost $ 3,300 and target the range of $ 3,200 or less.
Flatten the mobile averages, with the short -term line below the longer term, also argues the lower case.
Unless the bulls recover the downward trend and exceeds $ 3,350, the bias remains downward. Any sustained lower feeling could probably make gold more difficult for a record of $ 4,000 in 2025.
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