Technical analysis: Gold remains bullish despite RSI being in overbought levels... dari Wulan Viana

16 Apr 2024, 15:19 · Views 133

From a technical standpoint, Gold remains upwardly-biased, even though the uptrend is overextended, which is further confirmed by the Relative Strength Index (RSI). The RSI is overbought according to regular “rules,” but traders should be aware that the 80 level is usually seen as the most extreme overbought condition in a strong bullish uptrend. With the RSI at 75.82, XAU/USD’s retest of $2,400 is not off the table. The next resistance would be the all-time high at $2,431, followed by $2,450.

On the flip side, a daily close below the April 12 close of $2,343 could open the door to push Gold’s price toward the $2,300 mark. Once cleared, the next support would be the April 5 swing low of $2,267

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