Gold price has found fresh demand above $2,450 in early trading on Thursday, looking to regain upside momentum, following a brief correction from a new record high of $2,484 set on Wednesday.
Gold price bounces back toward all-time highs of $2,484 early Thursday. The US Dollar finds some solace from risk-aversion, US Treasury bond yields uptick. Gold price cheers potential US-China trade risks and increased Fed easing bets. The daily RSI is back below 70 while firm above 50, suggesting the upside is intact for Gold price.
The RSI indicator stays well above the 50 level, pointing to more upside in the offing. The previous week’s 21-day and 50-day Simple Moving Averages Bull Cross also continues to favor Gold buyers. Gold price remains poised to capture the $2,500 level if the record high at $2,484 is taken out convincingly. The next resistance level is seen at the $2,550 psychological mark.
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