Despite a modest recovery by the US Dollar and overbought conditions on the daily chart, gold price remains close to its all-time high. Buyers are refusing to give up due to dovish Fed commentaries, hopes for Chinese stimulus, and escalating geopolitical tensions in the Middle East.
Gold price off record highs at $2,635 early Tuesday, focus on Fed speak, US data. The US Dollar bounces with Treasury bond yields even as risk flows return on China optimism. Gold buyers refuse to give up despite overbought RSI conditions on the daily chart. Gold price is moving slightly away from a new record high of $2,635 early Tuesday, replicating the price action seen in Monday’s Asian trading.
5 expected and August’s 47.9. The Services PMI also dipped to 55.4 in September from 55.7 in August. Gold price technical analysis: Daily chart As observed on the daily chart, the overbought conditions, as represented by the 14-day Relative Strength Index sitting above 70, continue to warrant caution for Gold buyers. If buyers fight back control, acceptance above the record high of $2,635 is critical to unleashing further upside toward the $2,650 psychological barrier.
Gold Price FED China Stimulus Geopolitics US Dollar
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