On Wednesday (April 17), spot gold remained volatile, hitting an intraday high of $2394.22 and a low of $2372.61. The intraday report was $2381.69 per ounce, a decrease of 0.02%.
The price of gold rebounded after falling back from its all-time high of 2,431 US dollars last week and once again fell below the psychological threshold of 2,400 US dollars/ounce. Since then, the price of gold has regained traction.
The overall popularity of the gold market remains positive as geopolitical tension and concerns about a possible escalation of the Middle East conflict continue to drive safe-haven demand and offset the pressure on metal prices due to a higher dollar.
The recent pullback, although sharp, was limited and contained by the rising 10-day EMA (currently at $2,351), keeping the bulls intact.
(Spot gold daily source: Easy Huitong)
On the other hand, the bearish divergence between the daily stochastic indicator and the RSI continues to send warning signals, and the risk of a deep pullback should not be ignored.
In this case, solid support at $2,300 — $2,283 (psychological level — rising 20-day moving average) should protect the downside and mark a healthy correction before further increases.
Breaking the latest record high ($2,431) will open the way to $2,500.
Resistance Levels: 2400; 2431; 2453; 2500
Support levels: 2374; 2351; 2320; 2300
At 13:07 Beijing time, spot gold was reported at 2386.92 US dollars/ounce, an increase of 0.19%.