Technical Analysis: Gold price fails to reclaim $2,400
Gold price plunges to near $2,360 after retreating from $2,418. A mean-reversion move is anticipated in the yellow metal, which will drag it to the 20-day Exponential Moving Average (EMA) at around $2,315. Usually, the asset reverses to the 20-day EMA after a sharp rally. However, the move is generally considered a correction, not a bearish reversal.
On the downside, April 5 low near $2,268 and March 21 high at $2,223 will be major support areas.
The 14-period Relative Strength Index (RSI) cools down to 64.40 after turning extremely overbought. The overall outlook for the asset remains strong if the RSI shifts into the bullish range of 60.00-80.00
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