Gold price pauses after hitting fresh record high on Tuesday, bullish potential intact
Technical Analysis: Gold price seems poised to appreciate further while above the $2,480 level
From a technical perspective, last Friday's breakout through the triple top resistance, around the $2,479-2,480 region, and the subsequent strength beyond the $2,500 psychological mark was seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart are holding comfortably in positive territory and are still away from being in the overbought zone. This, in turn, suggests that the path of least resistance for the Gold price is to the upside.
Hence, any meaningful pullback might still be seen as a buying opportunity near the $2,500 round figure, which should help the downside for the Gold price near the $2,480 resistance breakpoint. Some follow-through selling, however, could drag the XAU/USD towards the $2,455-2,453 horizontal support en route to the $2,430 region. A convincing break below the latter could drag the metal to the 50-day Simple Moving Average (SMA), currently pegged just below the $2,400 mark.
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