Gold price (XAU/USD) attracts some dip-buying during the Asian session on Tuesday, though remains confined in the previous day's broader trading range and below the $2,400 mark.The overnight failure to find acceptance above the $2,400 mark and the subsequent downtick warrants some caution before positioning for any meaningful upside. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the Gold price is to the downside. Bearish traders, however, need to wait for a sustained break below the 50-day Simple Moving Average (SMA) support, currently pegged near the $2,358 region, before placing fresh bets.
Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It's traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast.