15 November 2023
Gold has successfully rebounded from $1935/ounce, with the significant psychological barrier of $2000 now in its sights. The Relative Strength Indicator suggests there’s room for further growth without overbuying concerns, indicating the rally could potentially surpass $2000, aiming for October’s peak of $2009. Current market sentiment is strongly bullish, evidenced by 65% of traders being net long, anticipating further price increases and reinforcing a bullish outlook for gold.