Technical analysis: Gold surges to all-time highs amid Powell’s comments
Gold is rallying sharply, though it appears that buying bullion near the current level is a hard decision due to the move's extent of around 5%. A decisive breach of the $2,150.00 mark could pave the way to challenge $2,200.00, but caution is warranted. For buyers, it’s better to wait for a pullback that could offer a better risk-reward ratio.
On the other hand, if XAU/USD drops below March’s 6 low of $2,123.80, that would pave the way for a correction toward $2,100.00. If that level is surpassed, the next supports would be the December 28 high at $2,088.48 and the February 1 high at $2,065.60.
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