Gold gathers bullish momentum ahead of the weekend and trades at a new record high above $2,400. Escalating geopolitical tensions help XAU/USD continue to push up despite the broad-based US Dollar strength.
From a technical perspective, the strong positive momentum remains uninterrupted despite the extremely overbought Relative Strength Index (RSI) on the daily chart. Bulls, however, might opt to take some profits near the $2,400 mark heading into the weekend, warranting some caution before positioning for any further appreciating move. Any meaningful corrective slide below the Asian session low, around the $2,370 area, however, is likely to find decent support near the $2,352-2,350 region. Some follow-through selling could expose the next relevant support near the $2,332 area before the Gold price eventually drops to the $2,300 neighborhood, or the weekly low.
Gold price (XAU/USD) builds on its recent breakout momentum and climbs to the $2,400 neighbourhood, or a fresh all-time high during the early European session on Friday. Geopolitical tensions in the Middle East show little signs of abating, which, in turn, is seen as a key factor benefiting the safe-haven precious metal. Adding to this, expectations that major central banks will cut interest rates this year lend additional support to the non-yielding yellow metal.
gold now buy 2344
TP1 2354
TP2 2364
TP4 2400
Sl 23220
From a technical perspective, the strong positive momentum remains uninterrupted despite the extremely overbought Relative Strength Index (RSI) on the daily chart. Bulls, however, might opt to take some profits near the $2,400 mark heading into the weekend, warranting some caution before positioning for any further appreciating move. Any meaningful corrective slide below the Asian session low, around the $2,370 area, however, is likely to find decent support near the $2,352-2,350 region. Some follow-through selling could expose the next relevant support near the $2,332 area before the Gold price eventually drops to the $2,300 neighborhood, or the weekly low.
Gold price (XAU/USD) builds on its recent breakout momentum and climbs to the $2,400 neighbourhood, or a fresh all-time high during the early European session on Friday. Geopolitical tensions in the Middle East show little signs of abating, which, in turn, is seen as a key factor benefiting the safe-haven precious metal. Adding to this, expectations that major central banks will cut interest rates this year lend additional support to the non-yielding yellow metal.
gold now buy 2344
TP1 2354
TP2 2364
TP4 2400
Sl 23220
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