Technical analysis: Gold buyers take a breather below $2,170
Gold’s uptrend remains in place, though the non-yielding metal remains glued to the $2,160-$2,180 area. Market participants keep the XAU/USD spot price near the bottom of the previously mentioned range, which could suggest that buyers are in charge and could drive prices toward the year-to-date (YTD) high of $2,195.15, ahead of the $2,200.00 mark.
However, the Relative Strength Index (RSI) indicator exiting from overbought conditions suggests that buyers are taking a breather. If sellers stepped in, pulling Gold’s price below $2,160.00, that would pave the way to test the December 4 high of $2,146.79, followed by the March 6 low of $2,123.80, followed by $2,100.00
Edited 20 Mar 2024, 18:54
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