Gold Price Reverses at Resistance Area, Support Zone in Sight

The price of gold has been under pressure in the short term after reaching a high at $4,697 on its weekly chart. A reversal candle was formed at this resistance area, indicating that the price may be due for a correction.

According to technical analysis, the immediate support zone for gold is between $4,400 and $4,350. If the price breaks below this level, it will push toward the 50-day Simple Moving Average (SMA) at $4,200.

The Relative Strength Index (RSI) indicator has approached the mid-level, providing immediate support to the gold market in the short term. However, the employment data may influence the next direction of the price before it stabilizes.