Gold’s uptrend extended after posting losses on Monday, yet it remains below the latest cycle high of $2,378, seen on May 10. This could keep the XAU/USD range bound. According to readings of the Relative Strength Index (RSI), momentum is in favor of the bulls.
Therefore, the XAU/USD first resistance would be the May 10 high at $2,378. If broken, the next technical hurdle would be the psychological $2,400 mark, immediately followed by the April 19 high at $2,417, and the all-time high at $2,431.
Conversely, if sellers moved in and pushed prices below $2,359, that could sponsor a leg down toward the May 9 low of $2,306, followed by the $2,300 figure. Once surpassed, the next stop would be the 50-day Simple Moving Average (SMA) at $2,249
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