As observed on the four-hour chart, Gold price is on track to challenge the record high of $2,365, as it recaptures the 21-Simple Moving Average (SMA) at $2,342.
The Relative Strength Index (RSI) is pointing north above the midline, near 59.00, indicating that there is a scope for further upside.
The immediate resistance is seen at the $2,350 psychological level...
If you entered short from the 2nd wave leg.. you should have realized TP1 at 2330.
A decisive break above 2300 would pave way for 2400
A decisive break below 2331 would pave way for 2305 support level...
Stay tuned and observe the market with me
Gold buyers continued to shrug off the extremely overbought 14-day Relative Strength Index (RSI) conditions, as they clinched another record high at $2,365 on Tuesday.
If a Gold price correction sets in on a hotter US CPI report, the previous record high of $2,331 will be tested
The extension of the Gold price pullback could test the April 4 high at $2,305,...
Gold price is retreating slightly below $2,350 in Wednesday's Asian trades, having hit a new record high of $2,365 on Tuesday. Gold traders seem to take profits off the table after the relentless rise and ahead of the all-important US CPI inflation data release.
From a technical perspective, the Relative Strength Index (RSI) on the daily chart is flashing extremely overbought conditions and warrants some caution for bullish traders. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before positioning for an extension of the recent blowout rally witnessed over the past two weeks or so....
XAU/USD's bullish trend is evident in the daily chart, which shows the pair consistently developing above all its moving averages. The 20 Simple Moving Average (SMA) has been steadily increasing but stands far below the current level and above the longer ones, showing a clear uptrend. Meanwhile, technical indicators are partially losing their bullish strength but...
XAU/USD's bullish trend is evident in the daily chart, which shows the pair consistently developing above all its moving averages. The 20 Simple Moving Average (SMA) has been steadily increasing but stands far below the current level and above the longer ones, showing a clear uptrend. Meanwhile, technical indicators are partially losing their bullish strength but...
