Mon. May 20th, 2024

GOLD PRICE TODAY: GOLD XAU/USD DIPS FROM PEAK HIGHS AS TRADERS AWAIT US CPI DATA 10 April 2024

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Gold Price Today: Technical analysis: Gold’s XAU/USD Advance stalls near $2,350 as bulls take a breather

Gold’s XAU/USD rally paused close to $2,350 as the Relative Strength Index (RSI) hit 84.23, its highest level since March 8. This indicates that the RSI is overbought and that the yellow metal is getting less appealing to investors.

If Gold prices dip below the $2,350 area, that will expose the April 8 daily low of $2,303. Once surpassed, that could put downward pressure on the yellow metal and drive it to March’s 21-session high of $2,222. Further losses are seen at $2,200.

Gold price today On the other hand, if Gold XAU/USD resumes its rally, buyers are eyeing $2,400 and beyond.

Gold prices retreated on Tuesday after refreshing all-time highs reached $2,365 during the overnight session for North American traders. The yellow metal trimmed earlier gains amid a risk-on impulse and falling US Treasury yields, while the Greenback takes a breather after dropping 0.16% on Monday. The XAU/USD trades at $2,346, gaining some 0.35%

The US economic calendar was scarce, except for the poll of the National Federation of Independent Business (NFIB) Small Optimism Index for March fell for the third straight month from 89.4 to 88.5. Aside from this, market participants are awaiting Wednesday’s busy schedule with the release of the US Consumer Price Index (CPI) alongside the Federal Open Market Committee (FOMC) Minutes.

In the meantime, Fed officials remain optimistic that they will cut rates but emphasize the need to be patient.

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