Gold prices continued to rise higher in the past session, recording the 7th consecutive increase and officially creating an ATH (all-time high).
However, there are three points to note:
1/ the increasing force is showing signs of decreasing;
2/ Price has increased sharply for many days, creating heavy overbought signals;
3/Selling pressure is showing signs of returning this morning.
All of this warns bulls of risks if they buy to chase prices at this time. The medium and long-term outlook is still bullish, but you need to be careful with the possibility of a short-term correction. You should only consider buying after corrective moves, the next target is the 2200 threshold.
However, there are three points to note:
1/ the increasing force is showing signs of decreasing;
2/ Price has increased sharply for many days, creating heavy overbought signals;
3/Selling pressure is showing signs of returning this morning.
All of this warns bulls of risks if they buy to chase prices at this time. The medium and long-term outlook is still bullish, but you need to be careful with the possibility of a short-term correction. You should only consider buying after corrective moves, the next target is the 2200 threshold.
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