Technical analysis: Gold buyers remain in charge despite RSI being in overbought levels
Gold is upwardly biased, though the uptrend seems overextended, increasing the risks of a pullback. Nevertheless, according to Dow Theory, the trend is more likely to continue than reverse. That said, after dipping on Friday, the Relative Strength Index (RSI) is aiming upward again, with buyers stepping in, opening the door to challenge the $2,400 figure. A breach of the latter will expose the all-time high at $2,431, followed by $2,450.
On the flip side, a daily close below the April 12 close of $2,343 could open the door to push Gold’s price toward the $2,300 mark. Once cleared, the next support would be the April 5 swing low of $2,267
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