GOLD: Still Aiming for a New All-Time High
$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Technical Analysis:
Gold Prices Hover Around $3,660, Still Aiming for a New All-Time High
Gold prices hit a record high of $3,707.35 per ounce on Wednesday before rapidly declining and consolidating around $3,660 on Thursday. After some sideways trading, the precious metal may still have the momentum to challenge its all-time high again, with upside targets at $3,750 and $3,800.
The 14-day Relative Strength Index (RSI) continues to flash overbought signals, suggesting limited short-term upside, but the overall trend remains bullish.
If a "buy the anticipation, sell the reality" Fed rally triggers another pullback in gold prices, the primary support level is $3,650. A break below this level would target the September 11 low of $3,613 (slightly above the psychological level of $3,600). Gold is currently in an upward trend, and intraday trading remains dominated by buying.
A candlestick chart displaying Gold (XAUUSD) price movements over time, with red and green candlesticks indicating price changes. A red curved line overlays the chart, representing a trend or moving average. Red and green arrows point to specific price levels, with a horizontal red line marking a support level at $3,650. Numerical values like $3,707.35 and $3,660 are visible, along with timestamps from September 12 to September 17.
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