Spot Gold Price Forecast: The short-term technical outlook for Gold price remains more or less the same, with any recovery attempts likely to be short-lived as long as the 14-day Relative Strength Index (RSI) stays bearish.
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As of writing, the leading indicator rebounds slightly to near 34 after prodding the oversold threshold a day ago.
RSI Movement
This RSI movement correlates to the Gold price recovery from the critical support of $2,547, the confluence of the 100-day Simple Moving Average (SMA) and the September 18 low.
Gold buyers need to recapture the $2,590 demand area on a daily closing basis to extend the turnaround above $2,606.
Bearish Commitments
Further up, the November 13 high of $2,620 will test the bearish commitments.
On the flip side, the immediate support is seen at the abovementioned strong support of $2,547.
Bearish Target
A sustained break below the last will initiate a fresh downtrend toward the $2,500 threshold, with the next bearish target seen at the September 4 low of $2,460.
