Technical Analysis: Gold price setup remains tilted in favour of bulls, move beyond $2,509-2,510, or all-time peak awaited From a technical perspective, the range-bound price action might still be categorized as a bullish consolidation phase before the next leg up. The constructive outlook is reinforced by the fact that oscillators on the daily chart are holding in positive territory and are still away from being in the overbought zone. That said, bulls need to wait for some follow-through buying beyond Friday's all-time peak, around the $2,509-2,510 area, before positioning for any further near-term appreciating move. On the flip side, the $2,472-2,470 horizontal resistance breakpoint now seems to protect the immediate downside. Any further decline is likely to attract fresh buyers and remain limited near the $2,448-2,446 region. The latter should act as a key pivotal point, which if broken decisively should pave the way for deeper losses. The Gold price might then accelerate the corrective decline further below the $2,400 mark, towards the 50-day Simple Moving Average (SMA) support near the $2,392 area.
Technical Analysis: Gold price setup remains tilted in favour of bulls, move beyond $2,509-2,510, or all-time peak awaited
From a technical perspective, the range-bound price action might still be categorized as a bullish consolidation phase before the next leg up. The constructive outlook is reinforced by the fact that oscillators on the daily chart are holding in positive territory and are still away from being in the overbought zone. That said, bulls need to wait for some follow-through buying beyond Friday's all-time peak, around the $2,509-2,510 area, before positioning for any further near-term appreciating move.
On the flip side, the $2,472-2,470 horizontal resistance breakpoint now seems to protect the immediate downside. Any further decline is likely to attract fresh buyers and remain limited near the $2,448-2,446 region. The latter should act as a key pivotal point, which if broken decisively should pave the way for deeper losses. The Gold price might then accelerate the corrective decline further below the $2,400 mark, towards the 50-day Simple Moving Average (SMA) support near the $2,392 area.
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