Gold Hits 2300 Mark and Forecasted Price Adjustment
Gold continues to rise, touching the record high of 2300 USD at the start of the Asian session on Thursday after the ISM Services PMI data came in lower than expected, predicting that the Federal Reserve will undergo a rate cut.
Looking at the 4-hour chart, we can see that the RSI indicator is in overbought territory, indicating the possibility of further price increases for gold. Additionally, the 20-period SMA is trending upwards and is far from other SMAs, indicating that the uptrend is still intact.
However, surpassing the 2300 USD mark may raise concerns about the sustainability of the uptrend. Investors should pay attention to price adjustment signals, especially when the RSI is overbought, posing a risk for a short-term correction.
Looking at the 4-hour chart, we can see that the RSI indicator is in overbought territory, indicating the possibility of further price increases for gold. Additionally, the 20-period SMA is trending upwards and is far from other SMAs, indicating that the uptrend is still intact.
However, surpassing the 2300 USD mark may raise concerns about the sustainability of the uptrend. Investors should pay attention to price adjustment signals, especially when the RSI is overbought, posing a risk for a short-term correction.
