Mon. May 20th, 2024

XAU/USD: Gold Price Is Trading Close To $2,400 Early Friday

Gold Prices (XAU/USD) Climbs To A Record High Near $2430 During The Early Asian Session On Friday.Gold Prices (XAU/USD) Climbs To A Record High Near $2430 During The Early Asian Session On Friday.

reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, XAU/USD Gold price remains on track to book the fifth weekly gain in a row.

XAU/USD Gold price regains the upside traction and approaches the $2,400 mark, showing some near-term consolidation for the time being.

Technical indicators retreat from extreme overbought levels, suggesting that some decline may lie ahead in the short term.

Still, a steeper slide remains out of the picture, as XAU/USD refuses to give up while developing its moving averages above all. On this, the 55-day SMA hovers around $2,150 while the 100-day SMA tests the $2,100 zone.

The 4-hour chart shows XAU/USD moving further into a consolidative phase, which appears so far capped by the $2,400 level, while the 55-SMA holds the downside for the time being.

The longer moving averages maintain their bullish slopes far below the current spot levels, while the Relative Strength Index (RSI) indicator points slightly southwards around 55.

Support levels: 2,359.80 2,345.20 2,333.20

Resistance levels: 2,380.70 2,393.50 2,409.20

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