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The price of gold continues to rally on the wave of two main factors – the weakening of the dollar influenced by the market's conviction that the Fed will be forced to lower interest rates in September, and high geopolitical risks, under which the yellow metal is perceived as a safe-haven asset.
Technical Picture and Trading Idea:
The price is above the middle line of the Bollinger Bands, above the SMA 5 and SMA 14. The RSI is in the overbought zone. Stoch has turned downward but is still in the overbought zone.
There is a possibility of further growth in the pair, which may occur if the price breaks through the resistance level of 2481.60, followed by a rise to 2500.00.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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