Technical analysis: Gold surges to all-time highs amid Powell’s comments
The Gold rally is extending past the psychological $2,150 mark and hit an ATH at $2,164.78. Even though the Relative Strength Index (RSI) suggests the uptrend is overextended, it makes it difficult for sellers to step in and push prices lower. On the other hand, buyers could step in, though they need a pullback toward the $2,150 area or the $2,100 mark, before targeting the $2,200 figure.
In another scenario, if XAU/USD drops below March’s 6 low of $2,123.80, that would pave the way for a correction toward $2,100. If that level is surpassed, the next support would be the December 28 high at $2,088.48 and the February 1 high at $2,065.60
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