Gold price is challenging yet another lifetime high just a hairline short of the $2,400 threshold in Friday’s Asian session.
Gold price records another historic level just shy of $2,400 early Friday. US Dollar consolidates with US Treasury bond yields, as a Fed rate cut is now priced for September. Middle East Geopolitical tensions will keep refueling Gold buyers even as RSI stays heavily overbought. Gold priceis challenging yet another lifetime high just a hairline short of the $2,400 threshold in Friday’s Asian session.
If Gold buyers manage to seek a four-hour candlestick closing above that level, a fresh run toward the $2,450 psychological level will be in the offing. However, acceptance above the $2,400 mark on a weekly closing basis is critical to unleashing further upside. The Relative Strength Index is sitting just above the overbought threshold, near 72.50, suggesting that there is more room for buyers to flex their muscles.
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