Gold Breakout Or Blow-Off? Monthly RSI 96 As Dealers Fuel The Rally.

Gold technicals

Gold continues to trade within a consolidation pattern, albeit with a slight upside drift recently. The longer-term uptrend remains intact, with the 50-day moving average tracking closely.

We haven’t closed above these highs since the crash candle in early February. Near-term resistance sits around $5,200, followed by $5,400. Support comes in at $5,000, and then the rising trendline below.