Technical analysis: Gold price tumbles below $2,350 with bears eyeing $2,300
The uptrend in the Gold price remains intact, even though from a technical perspective the formation of a quasi Shooting Star candlestick pattern followed by a bearish Belt Hold line opened the door for a leg down. Although momentum favors buyers, the short term is aiming lower, meaning they’re losing traction.
Hence, XAU/USD's first support would be the May 9 low of $2,306, followed by the $2,300 figure. Once cleared, the next stop would be the 50-day Simple Moving Average (SMA) at $2,249.
On the other hand, if buyers reclaim $2,359, look for a test of the April 26 high at $2,352. A breach of the latter would expose the $2,400 figure, immediately followed by the April 19 high at $2,417 and the all-time high of $2,431
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