Technical Analysis: Gold price bounces back to $2,170
Gold price rebounds to $2,170 but trades inside Thursday’s trading range. The precious metal has been confined in a range between $2,153 and $2,180 in the last three trading sessions, indicating indecisiveness among market participants. The yellow metal exhibits a Symmetrical Triangle formation on an hourly timeframe, which indicates a sharp volatility contraction.
On a daily timeframe, an advancing 20-day Exponential Moving Average (EMA) near $2,115 indicates that the near-term demand is still strong. Still, any upside is expected to remain restricted.
The 14-Relative Strength Index (RSI) retraces from its peak near 84.50, although the upside momentum is still active
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