Technical Analysis – Gold rallies near 7½-year high; pauses bullish move

Gold prices advanced to a fresh seven-and-a-half-year peak of 1,746.95 on Tuesday, continuing the upside tendency from the rebound off 1,456 on March 20. However, the technical indicators are suggesting a possible downside retracement in the 4-hout chart. The RSI seems to be losing momentum returning near the 70 level, while stochastics are approaching the oversold territory. […]