FxNews — In today’s XAUUSD technical analysis, we observe the gold price experienced a rebound from the $2,050 level. This return was expected, considering the overbought condition of the currency pair. Both the RSI indicator and the Stochastic oscillators are still in the overbought zone. Consequently, we anticipate a further correction in gold’s price towards the middle line of the bullish flag, followed by the 23.6% Fibonacci retracement level.
FxNews analysts recommend closely monitoring the key support area at $2,023. This price level presents an ideal entry point for retail traders looking to add fresh long positions to the XAUUSD pair.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.