Technical analysis: Gold buyers take a breather below $2,170
Gold’s uptrend remains intact with the pair consolidating near the $2,160-$2,180 area. As a symmetrical triangle forms, expectations for an upside break could lift the XAU/USD toward the $2,200 figure. However, the Relative Strength Index (RSI) indicator exiting from overbought conditions suggests that buyers are taking a breather.
If buyers break the top of the range, they would challenge the current year-to-date (YTD) high of $2,195.15. Once surpassed, the $2,200 is up next. Otherwise, a drop below $2,160 might pave the way for a pullback. The first key support level would be the March 6 low of $2,123.80, followed by $2,100, followed by the December 28 high at $2,088.48 and the February 1 high at $2,065.60
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