Gold is up nearly 2% today and is testing levels close to USD 5,300 per ounce, lifting sentiment across the broader metals market as well as shares of mining companies such as Newmont Corp, Barrick Gold, and AngloGold Ashanti. The US Dollar is weakening ahead of the Fed meeting today, scheduled at 6 PM GMT and Fed chair Powell speech at 6:30 PM GMT.
Gold (D1 interval)
Looking at the GOLD chart on a daily interval, the RSI indicator has climbed to around 88, suggesting extreme overbought conditions. A sharp correction began from a similar level in October; back then, gold also reached an RSI reading of 90.
Source: xStation5
Data show that over the past 26 years, gold has not recorded stronger 20-session gains than the rally currently underway.
Source: XTB Research, xStation5
Source: XTB Research, Bloomberg Finance L.P.
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