Gold price technical analysis: 4hr chart
As observed on the four-hour chart, Gold price is on track to challenge the record high of $2,365, as it recaptures the 21-Simple Moving Average (SMA) at $2,342.
The Relative Strength Index (RSI) is pointing north above the midline, near 59.00, indicating that there is a scope for further upside.
The immediate resistance is seen at the $2,350 psychological level on the way to all-time highs.
Further up, a fresh rally toward the $2,400 level cannot be ruled out.
If the Gold price correction regains traction, the static support at $2,330 will immediately rescue buyers.
Failure to defend the latter will reinforce sellers toward the April 4 high at $2,305, below which the April 5 low of $2,268 will be tested
The Relative Strength Index (RSI) is pointing north above the midline, near 59.00, indicating that there is a scope for further upside.
The immediate resistance is seen at the $2,350 psychological level on the way to all-time highs.
Further up, a fresh rally toward the $2,400 level cannot be ruled out.
If the Gold price correction regains traction, the static support at $2,330 will immediately rescue buyers.
Failure to defend the latter will reinforce sellers toward the April 4 high at $2,305, below which the April 5 low of $2,268 will be tested
Comment:
TP HITS.... 2400 Cannot be ruled out