Gold’s uptrend remains in place despite retreating on Tuesday. According to the Relative Strength Index (RSI), momentum favors the buyers as the RSI stands in bullish territory. Therefore, buyers could capitalize on “buying the dip.”
If XAU/USD slumps past the $2,300 mark, that could put pressure on the bulls, as the latest cycle low is seen at the May 3 low of $2,233. Once cleared, that could open the door to test the 50-day Simple Moving Average (SMA) at $2,249.
On the other hand, if buyers lift the golden metal price, the next resistance would be the April 26 high, the latest cycle high at $2,352. Once cleared, the next stop would be the $2,400 threshold, followed by the April 19 high at $2,417 and the all-time high of $2,431
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