Gold remains bullishly biased, even though it retreated some 6% from its all-time high of $2,431, hit on April 12. Momentum shows that buyers are gathering steam, which is visible in the Relative Strength Index (RSI) shifting bullish since the start of May.
That said, XAU/USD buyers need to clear the April 26 high, the latest cycle high at $2,352. Once surpassed, that would expose the $2,400 figure. A breach of the latter will accelerate the rally toward April’s 19 high at $2,417 before challenging the all-time high of $2,431.
Conversely, further losses are seen if Gold slides beneath the $2,300 mark. The next support would be the 50-day Simple Moving Average (SMA) at $2,249.
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