Gold Price’s Suspicious Daily Rally

From goldpriceforecast.com

Gold futures finally closed above $2,000, but if one is betting on the rally’s continuation, it’s too early to open that champagne. There are a few things about yesterday’s move higher that make it suspicious. Two of them are visible directly on gold’s chart. The yellow precious metal moved above the late-July high and… It failed to hold this breakout. Since invalidations of breakouts are sell signals on their own – we just got one, which doesn’t fit the bullish narrative. The second problem with yesterday’s upswing is the position of the RSI indicator. It’s above 70, suggesting extremely overbought ... (full story)