19 Apr 2024
Gold price holds strength as Middle East tensions propel safe-haven demand
Technical Analysis: Gold price faces pressure above $2,400
Gold price drops while attempting to sustain above the crucial resistance of $2,400. The precious metal remains in a restricted trajectory as the Fed’s hawkish guidance restricts the upside. Meanwhile, geopolitical uncertainty continues to provide buying interest.
The Gold remains sideways as momentum oscillators cool down after turning extremely overbought. The 14-period Relative Strength Index (RSI) on the daily chart drops slightly after peaking around 85.00. The broader-term demand is intact as the RSI remains in the bullish range of 60.00-80.00.
On the downside, April 5 low near $2,268 and March 21 high at $2,223 will be major support areas.
