GOLD: The Next Target is $3,700!

XAUUSD Gold Traders
09-10

$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Technical Analysis:

The D1 chart indicates gold may retreat from recent highs as the 14-day Relative Strength Index (RSI) remains in severely overbought territory. This leading indicator currently hovers near 78.

Should gold buyers lose ground, near-term support is expected around the $3,600 psychological level. A break below this threshold could test this week's low of $3,578. A sustained decline below the latter would open the door to a fresh downtrend targeting the $3,550 psychological barrier.

Conversely, if buyers refuse to capitulate, the all-time high of $3,675 could be retested. The next resistance level for gold lies at the $3,700 mark. A break above this level could encounter some resistance around the $3,750 zone.

Currently in a sideways consolidation phase! Still operating within an uptrend channel; maintaining a buy position is advised! For the European and American markets, focus first on the $3,659-$3,655 resistance! After a successful breakout, the next target is $3,700!

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