Outlooks unchanged for this week
Daily Commentary
Gold appears overbought at this point, with its price rising above the upper Bollinger band and the RSI near 79. This suggests that gold may either consolidate sideways or pull back toward the support region between $3,450 and $3,500.
The precious metal broke out of a multi-month ascending triangle pattern that formed between April and September of this year, after failing to break above the $3,440 level on three occasions following the intraday high on April 22. A conservative measure of the breakout suggests that gold could rise to $3,580, while a more aggressive measure points to a potential climb toward $3,700. At present, gold is trading in the middle of that range.
Additionally, looking at the GLD ETF’s 30-day implied volatility, it appears
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