Technical analysis: Gold buyers take a respite, Gold price hovers above $2,400
Gold price consolidates above $2,400 for the second straight day after decisively breaking the Head-and-Shoulders neckline. Momentum favors buyers, though as depicted by the flat Relative Strength Index (RSI), they’re taking a respite before testing higher prices.
That said, the path of least resistance is to the upside. The XAU/USD’s first resistance would be the year-to-date high of $2,450, ahead of the $2,500 mark. Conversely, if Gold slides below the $2,400 figure, the next demand zone will be July 5 high at $2,392. If cleared, XAU/USD would continue to $2,350.
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