#Gold
#tehnicalanalysis
Gold price snapped a three-day recovery trend after facing rejection just shy of the 23.6% Fibonacci Retracement (Fibo) level of the April record rally at $3377 in early Asian trading this Monday.
Despite the pullback, the 14-day Relative Strength Index (RSI) continues to suggest additional upside as it holds well above the midline, currently near 54.20.
If selling pressure intensifies, Gold price could meet the initial demand area at the 21-day Simple Moving Average (SMA) at $3,341.#BTC120kVs125kToday
The 50-day SMA at $3,326 will provide the next cushion, below which the 38.2% Fibo level of the same rally at $3,297 will come into the picture once again.
In case buyers manage to take out the 23.6% Fibo level at $3,377 on a daily candlestick basis, a fresh uptrend will initiate toward the $3,400 round level and $3,440 static resistance.
