[ad_1]
Despite the clear uptrend, gold is starting to look stretched. The Relative Strength Index (RSI) is trading above 70, signaling overbought conditions. Technical support lies at $2999.46, with the more significant 50-day moving average support climbing to $2918.48. Saxo Bank’s Ole Hansen cautions a pullback is overdue, suggesting a deeper correction would only be triggered if gold breaks below the $2955 zone.
Gold Market Forecast: Bullish with Caution for Short-Term Pullback
The fundamental case for gold remains strong, underpinned by geopolitical stress, trade policy concerns, dovish rate expectations, and robust demand. However, with prices running hot and distancing from major technical support, a short-term pullback remains likely.
Traders may look to buy dips, with $3300 still seen as a key target over the medium term, barring a break below critical support levels. The broader outlook stays bullish.
[ad_2]
