Blake Morrow’s Chart of The Day – June 2nd 2021
The breakout above channel resistance mid May has allowed for a strong rally past the 200dma in gold. However, the daily RSI is overbought and trying to turn lower. The daily candle is an outside day suggesting that we may turn lower tomorrow. Also, the key 61.8% Fibonacci retracement at the 1921 level may stall the advance for now. We’d expect dips back to the 200dma near the 1840 level to hold any near term pullback.