The gold price edges higher on the day. The constructive stance of the precious metal remains unchanged as it holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the 14-day Relative Strength Index (RSI) stands in a bearish zone around 48.5, indicating that consolidation or further downside in gold prices cannot be ruled out.
The first upside barrier for yellow metal will emerge near the upper boundary of the Bollinger Band at $2,428. Extended gains will see a rally to the all-time high of $2,450 and the $2,500 psychological mark.
On the downside, the $2,300 round level acts as an initial support level for the precious metal. A break below this level will see a drop to the lower limit of the Bollinger Band at $2,267. The next potential contention level is seen at the 100-day EMA of $2,220
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