Xauusd short Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It's traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast.
Gold buyers take a breather but technicals stay bullish
Gold price is posting small losses below $2,360, pausing a three-day recovery early Wednesday. The US Dollar resurgence acts as a headwind for the Gold price, despite heigthening Middle East tensions and a pick up in Indian physical Gold demand.
The short-term technical outlook for Gold price remains more or less the same, as buyers yearn for acceptance above the rising wedge support-turned-resistance, now at $2,372, on a daily closing basis.
Gold price maintains its bullish potential, as the 14-day Relative Strength Index (RSI), sits above the 50 level, currently trading near 52.60.
Adding credence to the upside bias, Gold price closed Tuesday above the key 21-day Simple Moving Average (SMA) resistance at $2,353.
A sustained move above the abovementioned barrier at $2,372 would provide legs to the ongoing recovery, calling for a test of the next topside barrier at the May 24 high of $2,384.
Further up, a test of the $2,400 mark will be inevitable.
On the flip side, the immediate support is now aligned at the 21-day SMA at $2,353.
Further south, Gold sellers need to crack the 50-day SMA support at $2,323 to sustain the downtrend toward the $2,300 threshold.