Is Gold’s Glitter Fading? Why $3,300 Might Just Be the Starting Line for a Surprising Market Twist
The metal remains in a broader uptrend, but short-term momentum has weakened, suggesting indecision as traders await the next catalyst. That catalyst will likely be the Fed’s monetary policy decision on Wednesday. A clear breakout above $3,350 could trigger a bullish continuation, while a breakdown below the 50-EMA might expose the 100-day EMA near $3,233.71.
Momentum indicators tilt bearish but lack conviction. The Relative Strength Index (RSI) has slipped below the neutral 50 mark, currently at 47, indicating weakening bullish momentum with further room to enter oversold territory. The MACD also remains in negative territory, with the signal line crossing above the MACD line and the histogram printing small red bars, pointing to mild downside pressure.
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