Gold Price Clears May High to Set Fresh Record
The price of gold clears the May high ($2450) to set a fresh record high ($2484).
Gold Price Outlook
The price of gold extends the rally from earlier this to push the Relative Strength Index (RSI) towards overbought territory, with a move above 70 in the oscillator likely to be accompanied by a further advance in bullion like the price action from earlier this year.
A break/close above $2501 (50% Fibonacci extension) opens up $2554 (61.8% Fibonacci extension) with the next area of interest coming in around $2592 (100% Fibonacci extension).
Nevertheless, the bullish price action may unravel if bullion struggles to hold above $2448 (38.2% Fibonacci extension), with a move below the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region bringing the monthly low ($2319) on the radar.
--- Written by David Song, Strategist at FOREX.com
Gold Price Outlook
The price of gold extends the rally from earlier this to push the Relative Strength Index (RSI) towards overbought territory, with a move above 70 in the oscillator likely to be accompanied by a further advance in bullion like the price action from earlier this year.
A break/close above $2501 (50% Fibonacci extension) opens up $2554 (61.8% Fibonacci extension) with the next area of interest coming in around $2592 (100% Fibonacci extension).
Nevertheless, the bullish price action may unravel if bullion struggles to hold above $2448 (38.2% Fibonacci extension), with a move below the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region bringing the monthly low ($2319) on the radar.
--- Written by David Song, Strategist at FOREX.com
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