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03 Apr 2024
Gold price retreats from all-time high as Fed rate cut uncertainty prompts some profit-taking
Technical Analysis: Gold price dip-buying should limit any corrective decline, $2,228 holds the key for bulls
From a technical perspective, the Gold price has been scaling higher in uncharted territory, and the recent momentum seems strong enough to allow bulls to conquer the $2,300 mark. That said, the Relative Strength Index (RSI) on the daily chart is flashing extremely overbought conditions and warrants some caution. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before positioning for any further gains.
Meanwhile, any corrective decline now seems to find support near the $2,265 area ahead of the $2,250 level. This is followed by the weekly low, around the $2,228 region, which, if broken, might prompt some technical selling and drag the Gold price back toward the $2,200 psychological mark. The latter should act as a key pivotal point, and a convincing break below might shift the near-term bias in favor of bearish traders.
