Technical Analysis: Gold price keeps the bullish vibe in the longer term
Gold price trades stronger on the day. Nonetheless, the yellow metal maintains a constructive outlook on the daily timeframe as it holds above the key 100-day Exponential Moving Average (EMA), with the bullish 14-day Relative Strength Index (RSI) around 58.0.
The precious metal has traded within the ascending trend channel since mid-April. The first upside target emerges near $2,450 (high of May 20) en route to $2,483 (all-time high on July 17). Bullish candlesticks above this level could expose XAU/USD to potential bullish momentum all the way to the upper boundary of the trend channel of $2,515.
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