Gold becomes unstoppable, heading to $700

Gold closed at $651.6 last Friday, with a good start today in monday and climbs to as high as $661. Now struggling in the range of $655-$660 for correction.

Gold looks unstoppable, technically it is going smoothly along the uptrend supported by the 10MA at around $630. RSI has been seriously overbought. But it manages to stay in the high place for a long time correction.

The recent burst in gold price was initiated by dollars turning weak. Technically USD was oversold and a rebound should be coming soon. This would give pressure to other currencies as well as gold. But be reminded that don't try to short-sell gold. It was against the trend and history tells us gold price could go up extensively regardless of how seriously overbought the TA shows.