Technical Analysis: Gold price could extend the corrective slide from an all-time

peak once $2,334-2,332 horizontal support is broken

From a technical perspective, the Relative Strength Index (RSI) on the daily chart – despite easing from higher levels – is still holding in the overbought territory. Hence, any subsequent move beyond the Asian session peak, around the $2,371-2,372 area, is more likely to confront stiff resistance and remain capped near the $2,400 mark. The subsequent move up, however, has the potential to lift the Gold price back towards the record peak, around the $2,431-2,432 region touched last Friday.

On the flip side, the $2,334-2,332 horizontal zone is likely to protect the immediate downside, below which the Gold price could extend the corrective fall towards the $2,300 round figure. Some follow-through selling will suggest that the precious metal has topped out in the near term and set the stage for some meaningful depreciating move towards the $2,220 zone with some intermediate support near the $2,250 region