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Since early Monday, the US dollar has been picking up steam while gold is trading lower in parallel. The question is whether we should expect a further decline in the price of the yellow metal. Apparently, no. Its corrective decline may be seen by the markets as an invitation to buy, especially given the ongoing high geopolitical risks that are primarily driving central banks to amass physical gold. As long as geopolitical challenges persist, this sentiment on gold as a safe-haven asset will continue.
Technical picture and trading idea
The gold price is currently trading above the middle line of the Bollinger Bands, below the SMA 5 but above the SMA 14. The RSI is moving out of the overbought zone, and the Stochastic oscillator is doing the same.
If the metal settles above 2,612.25, this will encourage traders to open long positions on spot gold, with a target of 2,650.00.
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