GOLD IS Correcting from Overbought Conditions
Hello everyone! Today i want to share some macro analysis with you!
1.
Technical Analysis: $Gold - main 2602(GCmain)$
During Asian trading hours on Friday (January 16), gold maintained its intraday pullback, currently hovering near $4,598, down $20 for the session.
On the H4 chart, gold fluctuates near the 20-period Simple Moving Average (SMA), with the upward momentum of this moving average showing signs of weakening. Meanwhile, the 100-period and 200-period SMAs retain their bullish bias, with gold holding above these moving averages. Initial support lies near the 100-period SMA at $4476.27. Additionally, momentum indicators are trending lower around the midline, while the Relative Strength Index (RSI) has weakened to around 55, reflecting insufficient buying interest rather than supporting further declines.
Gold's rally has paused but not abandoned. Technical indicators suggest gold is correcting from overbought conditions, yet downside momentum remains insufficient.
Intraday gold is expected to continue consolidating within a wide range. Short-term support is at $4580-$4582, with resistance at $4625. Maintain a Buy-focused trading strategy!
Strategy: 4586-88 TP: 4615-20 SL: 4578
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