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Technical analysis for gold (XAU/USD)
Starting from mid-July, gold attempted to reach a new high but faced strong resistance at $2,480 until last Friday when the price broke through and closed above $2,500. The markets become complicated for bullish potentials from here, as gold has not traded this high before and, given the recent upward momentum, it may enter a consolidation phase before bulls attempt to push higher.
RSI is approaching the overbought area, indicating that there may be a need for a new catalyst to continue the current upward momentum. Such a catalyst may come from FOMC lectures or Jackson Hole.
A surprising upward trend may emerge, even through revising my downward expectations for the total number of jobs added to the US economy between April 2023 and March 2024, which is scheduled to be released on Wednesday. While the upward targets remain vague, support returns to appear again at $2,480, followed by $2,450, then the 50-day simple moving average.
(Source: Daily FX - Richard Snow)