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Analysis: Unless the Spot gold price breaks through the technical resistance level, the upward pump space is limited.
Gate News bot message, Analyst from Economies com’s latest view today: In the last daily trading session, the Spot gold price continued its cautious bullish trend, after reaching our main support level of $3300 yesterday, the technical interaction with the support level helped create bullish momentum, driving the price pump, accompanied by the bullish signal on the Relative Strength Index (RSI), especially after reaching the Oversold level.
This trend occurs as the price attempts to alleviate its Oversold condition and recoup some of its previous declines, but it is still within a bearish corrective wave that dominates the short-term overall trend, moving along the bearish trend line. This indicates that the current pump may still be limited unless it breaks through strong technical resistance levels.
Source of the news: Golden Ten