Technical Analysis: Gold price bulls still seem to have the upper hand, $2,024 horizontal support holds the key

From a technical perspective, failure to find acceptance above the 50-day SMA and a modest pullback from the $2,041-2,042 intermediate hurdle warrants some caution for bullish traders. That said, oscillators on the daily chart have just started gaining positive traction and support prospects for additional near-term gains. Hence, any subsequent decline is more likely to attract fresh buyers near the $2,024 horizontal support.

A convincing break below, however, will expose the 100-day SMA, currently pegged near the $2,007 area. This is followed by the $2,000 psychological mark, which if broken decisively might shift the bias in favour of bearish traders. The Gold price might then accelerate the slide towards the $1,984 region before eventually dropping to the very important 200-day SMA support near the $1,967-1,966 zone.

On the flip side, bulls need to wait for a move beyond Friday's swing high, around the $2,041-2,042 area, before placing fresh bets. The Gold price might then aim to challenge the next relevant hurdle near the $2,065 supply zone. Some follow-through buying will set the stage for a move towards reclaiming the $2,100 round figure mark for the first time since early December 2023.