Technical Analysis: Gold price drops as oscillators turn overbought
Gold price consolidates in a tight range, between $2,170 and all-time highs of $2,195, as investors await the US inflation data. The nine-day winning streak of the Gold price halts amid uncertainty ahead of the inflation report for February. The divergence between the 20-day Exponential Moving Average (EMA) at $2,097 and the Gold price is waning. The asset tends to face a mean-reversion move after a wide divergence, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-period Relative Strength Index (RSI) reaches the overbought territory at 84.50, pointing to some correction ahead
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