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Gold prices experienced a breathtaking surge of $30, hitting a new all-time high of $2,354 as the Chinese market opened. This spike comes as traders warmly embraced the People's Bank of China (PBOC)'s decision to ramp up gold purchases.
Despite this, the Relative Strength Index (RSI) conditions are signaling gold buyers to tread cautiously, hinting at an impending retreat to the previous record high of $2,331.
Should gold's price pullback extend, the April 4th peak of $2,305 could come under scrutiny, followed by the April 5th low of $2,268. A breach of these levels might see prices tumble towards the psychological barrier of $2,250.
Yet, should gold enthusiasts successfully counteract the corrective pressures, a fresh rally towards the round figure of $2,370 isn't off the cards, especially if they can sustain above the pivotal $2,350 mark.
Despite this, the Relative Strength Index (RSI) conditions are signaling gold buyers to tread cautiously, hinting at an impending retreat to the previous record high of $2,331.
Should gold's price pullback extend, the April 4th peak of $2,305 could come under scrutiny, followed by the April 5th low of $2,268. A breach of these levels might see prices tumble towards the psychological barrier of $2,250.
Yet, should gold enthusiasts successfully counteract the corrective pressures, a fresh rally towards the round figure of $2,370 isn't off the cards, especially if they can sustain above the pivotal $2,350 mark.
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