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With recent price action virtually parabolic, pricing continues in one direction, to the behest of gold bulls.
Currently, volatility remains high, with readings from the ATR approaching five-month highs.
From a classical technical standpoint, the market is confirming a sustained long-term bullish move, with the 20, 50, 100, and 200-period SMAs all offering support below current price action.
It should be noted, however, that prices are likely to retrace somewhat in the near future, although no one can be certain exactly when.
As such, the RSI currently trades at its highest level since August 2019, firmly in ‘overbought’ territory. Many will be looking for prices to retreat to get long.
