After a sharp decline in the two days raw, gold prices rose today and drew a long bullish candlestick with a higher high.
The increase in gold prices occurred amidst the release of mixed US economic data, Final GDP showed actual data of 1.4%, the same as the forecast value of 1.4%, and a revision of previous data of 1.3%.
Meanwhile, Unemployment Claims data shows that the actual data is 233k, which is smaller than the forecast of 236k with a revision of the previous data of 239k. The pending home sales report also fell -2.1% lower than the forecast of 0.5% with the previous data revision of -7.7%.
Tomorrow, investors will focus on other inflation data, PCE, which is the Fed's most favored inflation data.
Today the price of gold rose from a low of $2296 up to a high of $2330 near the middle band line.
Gold prices appear to be rallying strongly from the H1 timeframe, the price has successfully crossed the MA 50 line from the downside, indicating a strong rally. The price of gold immediately skyrocketed after breaking the price level of $2302. High volatility occurs which is indicated by expanding Bollinger bands.
However, there was an alert from the RSI, that the price now entering the overbought level, even though the candlestick pattern yet to give any indication of a possible reversal. RSI is a leading indicator that gives signals before a trend is formed.
View attachment 7138
The increase in gold prices occurred amidst the release of mixed US economic data, Final GDP showed actual data of 1.4%, the same as the forecast value of 1.4%, and a revision of previous data of 1.3%.
Meanwhile, Unemployment Claims data shows that the actual data is 233k, which is smaller than the forecast of 236k with a revision of the previous data of 239k. The pending home sales report also fell -2.1% lower than the forecast of 0.5% with the previous data revision of -7.7%.
Tomorrow, investors will focus on other inflation data, PCE, which is the Fed's most favored inflation data.
Today the price of gold rose from a low of $2296 up to a high of $2330 near the middle band line.
Gold prices appear to be rallying strongly from the H1 timeframe, the price has successfully crossed the MA 50 line from the downside, indicating a strong rally. The price of gold immediately skyrocketed after breaking the price level of $2302. High volatility occurs which is indicated by expanding Bollinger bands.
However, there was an alert from the RSI, that the price now entering the overbought level, even though the candlestick pattern yet to give any indication of a possible reversal. RSI is a leading indicator that gives signals before a trend is formed.
View attachment 7138
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