golden trading range

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In terms of technical analysis, gold prices are showing a bullish trend and are expected to challenge all-time highs again. Geopolitical tensions may intensify, pushing investors to turn to gold as a safe haven, thereby helping gold prices resume their sustained upward trend. However, this process may be affected by US PPI data and European Central Bank policy statements. The European Central Bank is widely expected to keep borrowing costs at historically high levels, while focus will be on whether officials signal a rate cut in June.
Gold's relative strength index (RSI) is moving higher above its midline, approaching the 59.00 level, suggesting there is still room for further gains in gold prices. The main resistance levels faced by gold prices in the near future are the psychological mark of $2,350 per ounce and the historical high of $2,365 per ounce. If gold prices can break through these resistance levels, another rebound to the $2,400/ounce level cannot be ruled out. However, if gold pulls back and regains upward momentum, support at $2,330 an ounce will play a key role. If it fails to hold this support level, gold prices may fall further to the high of $2,305/ounce on April 4; if it falls below this level, it may test the low of $2,268/ounce on April 5.

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active trade