26 Aug 2024
Gold price trades with mild negative bias despite firmer Fed rate cut bets
Technical Analysis: Gold price continues its long-term bullish momentum
Gold price trades in positive territory on the day. The precious metal has traded within a five-month-old ascending trend channel. However, the overall bullish environment for the yellow metal remains intact as it holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. Additionally, the 14-day Relative Strength Index (RSI) stands in the bullish zone near 62.70, suggesting that the trend is still in favor of the bulls.
If Gold prints a couple more bullish candlesticks, we could see a rally to the $2,530-$2535 region, the record high and the upper boundary of the trend channel. A decisive break above this level may draw in more buyers who could sustain an upswing all the way to the $2,600 psychological barrier.
On the flip side, the initial support level emerges at $2,470, the low of August 22. If XAU/USD sees more bearish candlesticks below the mentioned level, then the yellow metal could draw in enough sellers to drag it down to the $2,432, the low of August 15. The crucial contention level is seen in the $2,350-$2,360 zone, the lower limit of the trend channel and the 100-day EMA.
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