Gold price is currently sitting just north of $4,421 as bulls regroup after a sharp rebound from $4,301. What is interesting to me is the speed of this rebound, as it occurred after the Relative Strength Index (RSI) had fallen significantly into oversold territory. I’m not treating this consolidation as a full-fledged bull reversal because price is now testing a large resistance zone of $4,422 – $4,465, a broken rising trend line, as well as a newer support zone.
Kicking off this resistance zone, we have $4,422, then $4,465, and finally $4,573. On the lower end of this range, we have a smaller demand zone of $4,369, then $4,301, and a larger demand zone of $4,263 – $4,221.