On the technical front, Gold price remains notably bullish despite the recent retracement. XAU/USD is nearing the 23.6% Fibonacci retracement level from the March 8-17 rally. According to Dhwani Mehta, Senior Analyst at FXStreet, Gold is developing a bull flag pattern and a bullish cross in its main moving averages, both clear signs of more upward trading action being developed:
Amidst the Bull Flag formation in play, Gold price continued to find support above the 23.6% Fibonacci Retracement (Fibo) level of the March advance, pegged at $1,963.
The 14-day Relative Strength Index (RSI) holds bullish while the 21-Daily Moving Average (DMA) pierced through the mildly firm 50 DMA for the upside on a daily closing basis, confirming a Bull Cross.
These favorable technical indicators continue to add credence to the bullish potential in the Gold price.
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