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Gold’s price broke the key resistance of $2,140 last week, with prices rising 5%. Economists at ANZ Bank analyze XAU/USD technical outlook.
Cruising in an unchartered territory
The consolidation observed over the last two days has established a resistance level around the recent high of $2,195 for Gold. A breakthrough of this resistance barrier could potentially propel Gold’s price above the $2,200 range.
Nevertheless, indications of an overbought condition are evident from the Relative Strength Index, signaling a likelihood of a healthy price correction.
In the event of a correction, the price might retreat towards the key support level of $2,100.
