28 Aug 2024
Gold price edges lower on the US Dollar recovery, Fed rate cut bets might cap its downside
Technical Analysis: Gold price maintains the bullish vibe in the longer term
The Gold price edges lower on the day. The precious metal remains capped under a five-month-old ascending channel upper boundary and the record high. A broader positive outlook of yellow metal remains unchanged as it holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is supported by the 14-day Relative Strength Index (RSI), which stands above the midline near 64.70, affirming continued bullish pressure in the near term.
On the downside, the initial support level is seen at the $2,500 round figure. A breach of the mentioned level could lead to further losses near $2,470, the low of August 22. The next contention level to watch is $2,432, the low of August 15.
https://one.exness-track.com/boarding/sign-up/a/uq2cbl5o/?campaign=18842
