Technical analysis: Gold price slumps and hovers around $2,360
Gold price slipping below $2,400 could pave the way for a break below key support levels, dragging prices towards the May 3 low of $2,277. Momentum shifted aggressively bearishly, as depicted by the Relative Strength Index (RSI).
If XAU/USD drops below the 50-day Simple Moving Average (SMA) at $2,366, this would exacerbate a drop to the 100-day SMA At 2342, followed by a support trendline around $2,316. Once cleared, the next support would be $2,300
Conversely, if buyers reclaim $2,400, the next resistance would be the psychological $2,450 mark. A breach of the latter will expose the August 2 peak at $2,477. Followed by the all-time high at $2,483 ahead of $2,500.
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