Gold (XAU/USD) Price Update: Even after a rough patch earlier this week, Spot Gold pulled off a nice comeback on Wednesday. It climbed back abovethe key 38.2% Fibonacci Retracement level of April’s big rally, hitting $3,297, after briefly dipping below it.
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This bounce in Spot Gold’s price makes sense when you look at the 14-day Relative Strength Index (RSI). It’s showing signs of recovery, but it’s still sitting just below the middle at around 48.50. That tells me buyers aren’t fully confident yet.
For Spot Gold to keep climbing, it needs to break through the 50-day Simple Moving Average (SMA), which is now acting as resistance at $3,323. If buyers can hold above this level, we might see a push toward the 21-day SMA at $3,346. And who knows, if things go really well, Gold could even test the 23.6% Fibonacci level at $3,377, though that might be a tough one to crack.
On the flip side, if Gold gets stuck at the 50-day SMA, sellers might step back in. That could drag the price down to test the $3,297 support again. If it falls below that, we could see Gold drop further to the monthly low of $3,248.