This Spot Gold technical analysis page includes a summary for Spot Gold. Trading zones from Strong Buy, Sell, Neutral, Sell to Strong Sell By Neal Bhai.
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Spot Gold Technical Forecast
The near-term technical outlook suggests that gold is about to be technically overbought, indicating that it may have to decline before the uptrend can continue. The Relative Strength Index (RSI) indicator on the daily chart (Intraday) is slightly above 70, and gold is trading near the upper boundary of a 5-week-old ascending regression channel.
Yellow Metal Trading Zones
On the upside, the first resistance area can be seen at $2,800 (all-time high, round level). If gold manages to rise above this area and starts using it as support, it could target $2,900 (round level) next. Looking south, the first support level can be seen at $2,740 (stable level, midpoint of the ascending channel) before $2,700 (lower boundary of the ascending channel, round level) and $2,680 (20-day simple moving average).