UBS takeover of troubled Credit Suisse only temporarily calms markets.is rising on the back of safe-haven demand as fears around global banking contagion persist. XAU/USD is trading at $2,007 per Troy Ounce at the time of writing, up almost 1% on the day. It is in a short-term uptrend, with the odds favoring more upside to come.A deal to enable rival UBS to take over troubled lender Credit Suisse over the weekend temporarily reassured investors and stabilized sentiment but relief was temporary.
The elevated Relative Strength Index on the daily chart suggests that it may be a little late to buy Gold. At 77, RSI is already in the overbought section above 70. Better to wait until it pulls back before getting in again. There are signs on lower time frames, such as the 4-hour chart, that a pull-back may be underway.
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