The price of gold continues to challenge the record high of 2,365 USD and regain momentum after dropping near the 2,319 USD level in Thursday's Asian trading session.
On the 4-hour chart, the Simple Moving Average (SMA) 20 has also been surpassed at the 2,342 USD mark, and the Relative Strength Index (RSI) remains stable around 60, indicating reduced selling pressure. Further buying activity could pave the way for short-term price increases, especially towards the 2,400 USD mark.
However, the possibility of a new downward recovery towards the 2,319 USD level cannot be ruled out. Breaking below this level could stimulate selling activity and push the price of gold further towards the next support level.
On the 4-hour chart, the Simple Moving Average (SMA) 20 has also been surpassed at the 2,342 USD mark, and the Relative Strength Index (RSI) remains stable around 60, indicating reduced selling pressure. Further buying activity could pave the way for short-term price increases, especially towards the 2,400 USD mark.
However, the possibility of a new downward recovery towards the 2,319 USD level cannot be ruled out. Breaking below this level could stimulate selling activity and push the price of gold further towards the next support level.
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Gold continues to surge, setting new record highs
