Gold Price Forecast For Today: Technically, the bullion prices remain on track to extend its bullish momentum after it confirmed an upside from the ascending triangle on Tuesday.
Gold (Yellow Metal) bulls closed Tuesday above the horizontal trendline (triangle) resistance at $1,824, initiating a fresh uptrend in the bright metal. Buyers must find acceptance above the psychological $1,855 level, which is also the seven-month top, to take on the next critical hurdle at $1,860 – June 16 2022, high.
The 14-day Relative Strength Index (RSI) sits just beneath the overbought territory at around 66.50, suggesting more room for the upside.
On the flip side, any retracement will find strong bids at the intraday low at $1,842, below which the abovementioned triangle resistance-turned-support at $1,824 will be challenged.
A deeper correction will call for a test of Friday’s low at $1,812.