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.
Why the weakness in the dollar matters for UK investors
OIL near technical resistance zone amid EIA inventories report 🔎
US500 at all-time high ahead of the Fed🗽Will BigTech support the momentum?
FOMC preview
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
