From a technical perspective, gold remains firmly within the large trend channel. The Relative Strength Index (RSI) is in overbought territory but has dropped slightly from extreme levels as gold has declined from its recent historical peaks. The first short-term support is at the 21-day moving average. Resistance is near the historical high (ATH).
Short-Term Stagnation
Gold has been volatile over the past week, but we have actually been in a stagnation period for this timeframe. The short-term chart shows the steep trendline since mid-January. It seems that we will need to consolidate for a longer period before anything “new” can happen.
Call Spreads for the Risk of a Sharp Rise
Let’s see what happens with the possible “case” of a reevaluation of gold, but we will continue using options instead of betting on deltas here (call spreads for bullish positions). Gold volatility has increased, but it remains significantly lower compared to previous phases of sharp price increases in gold.
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