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Gold Outlook: Seasonal Weakness and Fading Momentum Hint at June Pullback
May was the first month since November that gold prices failed to take out the prior month’s high. This may not sound significant, but it is certainly a change of character from the rally that broke out in April 2024 and tells is that volatility is receding. Furthermore, April closed the month with a Rickshaw Man Doji, the monthly RSI (14) has been overbought since January, and a bearish divergence has formed on the monthly RSI (2) in its overbought zone. Seasonality also suggests that a pullback in gold could be due, even if only a minor one. I have used 43 years of spot gold data, the maximum data available under ... (full story)
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- Jun 5, 2025 8:40am Posted byTechnical Analysis304
