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.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.