16 Oct 2024
Gold price sticks to gains around $2,670 area, over one-week high amid softer risk tone
Technical Outlook: Gold price remains close to all-time peak, bullish potential seems intact
From a technical perspective, any subsequent move up is likely to confront some resistance near the $2,685-2,686 region, or the
all-time peak touched in September. This is closely followed by the $2,700 round-figure mark, which if cleared decisively will set the stage for an extension of a well-established multi-month-old uptrend amid positive oscillators on the daily chart.
On the flip side, immediate support is pegged near the $2,650 area, below which the Gold price could slide to the $2,632-2,630 region. Any further decline is likely to attract some buyers and remain limited near the $2,600 round-figure mark. The latter should act as a key pivotal point, which if broken decisively might prompt some technical selling and pave the way for deeper losses.
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