GOLD: Gold Trading Continues to Temain Predominantly Buying
$Gold - main 2506(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ NEXT MONDAY TECHNICAL: Gold prices remain in an uptrend despite the fact that they retreated on Thursday, falling below $3,330. With gold prices recovering some of the ground lost earlier in the day, the price action suggests that the market is not receptive to a fall in gold prices, which opens the door for further gains.
From a momentum perspective, the Relative Strength Index (RSI) is overbought, but not approaching the extreme level of 80. However, with the RSI aiming for much lower levels, this suggests the possibility of mean reversion. In this case, the first support level for gold would be $3,300!
If the bulls push gold above $3,350, they could test all-time highs, followed by $3,400.
Gold trading continues to remain predominantly buying at the opening of next Monday's session!
(Keep an eye out for market news over the weekend)
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