The price of gold is soaring towards the nearly 2390 mark, with expectations that the Federal Reserve will cut interest rates this year.
From a technical perspective, on the 1-hour chart, the upward trend of gold prices remains strong and stable. Gold prices are maintaining above the Simple Moving Average (SMA) lines, suggesting that the upward trend may continue in the foreseeable future.
However, the Relative Strength Index (RSI) indicates that the market is overbought, which could lead to a correction phase before gold prices resume their upward trajectory.