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Spot gold pulls back after nearing $4,700 intraday high
UOB cites pullback risk as daily momentum is deeply overbought, with support seen near $4,425 and resistance at $4,773 and $4,889.
Spot gold remains in a broader uptrend after breaking above a declining trendline, UOBs Quek Ser Leang said, and it reached an intraday high near $4,700.
Despite strong upward momentum, UOB points to deeply overbought conditions, noting that a near-term pullback or consolidation is likely. Immediate support is cited around $4,425, where the minor ascending daily trendline and the 21-day EMA area converge.
On the downside, UOB said a breach of the 21-day EMA near $4,425 would suggest upward momentum has faded. On the upside, it flagged resistance at $4,773, with another key level around $4,889.
UOB also highlighted that the 50% retracement of the move from the record high of $5,595 to the June low of $3,943 sits near $4,769, close to the $4,773 resistance zone. Above $4,773, the next resistance to monitor is April’s high at $4,889.
Latest closeGold $4,157.80 ▲0.4%