02 Sep 2024
Gold price drifts lower below $2,500 on stronger US Dollar, potential downside seems limited
Technical Analysis: Gold price maintains the constructive broader picture
The Gold price trades in negative territory on the day. The precious metal keeps the broader bullish context on the daily timeframe as the price holds above the key 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) positions above the midline around 56.30, suggesting the path of least resistance is to the upside.
A five-month-old ascending channel’s upper boundary and the all-time high of $2,530-$2,540 appear to be a tough nut to crack for Gold bulls. A bullish breakout above this level could pave the way to the $2,600 psychological mark.
On the downside, the first downside target for yellow metal emerges at $2,470, the low of August 22. Sustained bearish momentum could set off a prolonged downward towards $2,432, the low of August 15. The next contention level to watch is $2,372, the 100-day EMA.
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