23 Sep 2024
Gold price rises to fresh all-time high as geopolitical risks boost safe-haven flows
Technical Analysis: Gold price holds above $2,600 amid an overbought RSI
The Gold price edges higher on the day. The precious metal keeps a strong bullish trend on the daily timeframe as the price is well-supported above the key 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) stands above the midline near 70.50, indicating the overbought RSI condition. This suggests that further consolidation cannot be ruled out before positioning for any near-term Gold price rise.
The yellow metal approaches a major resistance area near the all-time high at $2,625. A decisive break above this level could pave the way to the $2,700 psychological level.
On the flip side, the first downside target emerges at the $2,600 round figure. A breach of this level could see a downward move back towards the resistance-turned-support level at $2,560. The next contention level is located at $2,485, the low of September 6.
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