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 last two days of consolidation have formed a resistance level near the recent high of $2,195. A break of this resistance could see Gold trading above $2,200 range.
However, a healthy price correction looks in the offing as the Relative Strength Index suggests an overbought level.
If correction starts, the price could fall back to the key support level of $2,100.
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