Gold Sell Setup: Overbought Reversal

12月3日

We’re looking to sell at 2660.6. Even though buyers are still strong, the slowing momentum suggests the price might turn around soon. Sellers have already stepped in around 2663.7, and we expect a small move up before the price drops. The market is currently overbought, which supports this setup

Fundamental Insight:
Gold prices have eased recently as the dollar strengthens, driven by political turmoil in France and anticipation of key US jobs data due Friday. This data is expected to provide clues about the Federal Reserve’s next interest rate decision. With gold trading around $2,640/oz after last week’s 2.7% decline, further pressure from a stronger dollar aligns with our bearish outlook.