Gold prices extended their upward trajectory during the latest intraday session, buoyed by continued stability above the 50-day Exponential Moving Average (EMA50) and support from a short-term bullish trendline.
This sustained momentum is reinforcing expectations of a test of the critical resistance level at $3,300. Market participants are closely watching for a potential breakout above this threshold, which could signal a continuation of gold’s bullish momentum.
However, technical indicators are beginning to show early signs of caution. The Relative Strength Index (RSI) has entered overbought territory, producing weak negative overlapping signals. This suggests that the market may be in need of a temporary pullback or consolidation before resuming its upward path.
Despite a minor retracement from early session highs, gold remains positioned for further gains, contingent on stronger bullish confirmation. Analysts advise waiting for a clearer signal before anticipating the next leg of the rally.
