Topside Exhaustion in Gold
The Gold rally faltered today into uptrend resistance on building momentum divergence, just ahead of the 2022 high-day close at 2050.
Initial support with the March channel (red) with the broader outlook constructive while above the median-line (currently ~1920s)
Ultimately a close above the record high at 2075 is needed to unleash the next major leg higher in gold with initial objectives eyed at 2150.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
Initial support with the March channel (red) with the broader outlook constructive while above the median-line (currently ~1920s)
Ultimately a close above the record high at 2075 is needed to unleash the next major leg higher in gold with initial objectives eyed at 2150.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
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