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Technical Analysis: Gold price trades sideways near $2,400

Wulan Viana
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Gold price trades in a tight range, slightly above $2,400. The precious metal seeks more cues about when the Fed will start reducing interest rates. The yellow metal exhibits a consolidation move for the last three months, ranging between $2,277-2,450.

The upward-sloping 20-day Exponential Moving Average (EMA) near $2,363 suggests that the overall trend is bullish.

The 14-day Relative Strength Index (RSI) rises above 60.00 for the first time in more than a month, suggesting more upside ahead due to the absence of signals such as oversold and divergence.


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