The price of gold marks the biggest single-day selloff since February 2023 to pull the Relative Strength Index (RSI) back from overbought territory.
Gold Price Outlook
The price of gold seems to be under pressure after failing to test the monthly high ($2432), and the precious metal may face a further decline as the RSI pushes below 70 to indicate a sell signal.
Lack of momentum to hold above the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) zone may push the price of gold towards the $2237 (78.6% Fibonacci extension) to $2242 (61.8% Fibonacci extension) area, with the next region of interest coming in around the monthly low ($2229).
Nevertheless, the recent weakness in the price of gold may turn out to be a correction should it continue to track the positive slope in the 50-Day SMA ($2184) but need a move back above the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region to bring the monthly high ($2432) back on the radar.
--- Written by David Song, Strategist at FOREX.com
Gold Price Outlook
The price of gold seems to be under pressure after failing to test the monthly high ($2432), and the precious metal may face a further decline as the RSI pushes below 70 to indicate a sell signal.
Lack of momentum to hold above the $2286 (100% Fibonacci extension) to $2309 (100% Fibonacci extension) zone may push the price of gold towards the $2237 (78.6% Fibonacci extension) to $2242 (61.8% Fibonacci extension) area, with the next region of interest coming in around the monthly low ($2229).
Nevertheless, the recent weakness in the price of gold may turn out to be a correction should it continue to track the positive slope in the 50-Day SMA ($2184) but need a move back above the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region to bring the monthly high ($2432) back on the radar.
--- Written by David Song, Strategist at FOREX.com
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