Technical analysis: Gold price stays bullish despite slumping below $2,320
Gold is upwardly biased despite registering modest losses. Momentum still favors buyers as the Relative Strength Index (RSI) remains in bullish territory. That would benefit Gold buyers who could “buy the dip.”
XAU/USD buyers need to clear the April 26 high, the latest cycle high at $2,352, if they want to remain hopeful of challenging all-time highs. A breach of the latter will expose the $2,400 figure, followed by the April 19 high at $2,417 and the all-time high of $2,431.
Conversely, further losses are seen if Gold slides beneath the $2,300 mark. The next support would be the 50-day Simple Moving Average (SMA) at $2,249.
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