Gold price edges higher amid renewed USD selling, looks to Powell’s speech for rate-cut cues
Technical Analysis: Gold price bulls could aim to challenge all-time peak, near $2,531-2,532 region
From a technical perspective, the overnight downfall stalled near the $2,370 horizontal resistance breakpoint, now turned support, which should now act as a key pivotal point. A convincing break below might prompt some technical selling and drag the Gold price towards the next relevant support near the $2,345-2,343 region. The corrective decline could extend further towards the 50-day Simple Moving Average (SMA), currently pegged just above the $2,400 round figure.
On the flip side, momentum back above the $2,500 mark now seems to confront some resistance near the $2,513-2,514 area. This is followed by the record high, around the $2,531-2,532 region, which if cleared will be seen as a fresh trigger for bullish traders and set the stage for an extension of the Gold price's recent well-established uptrend.
