Technical analysis: Gold rally extends, despite RSI’s being overbought
The XAU/USD daily chart suggests the yellow metal is headed towards the $2,300 figure amid renewed buying pressures observed in the Relative Strength Index (RSI). On Monday, I mentioned that “The XAU/USD daily chart depicts Gold's last uptick to new all-time highs, achieved on lower momentum, as depicted by the Relative Strength Index (RSI).” However, as of writing, the RSI has punched above the 80.00 threshold, an indications that buyers are in charge.
With price action at uncharted territory, the next resistance level would be the $2,300 mark, followed by the $2,350 psychological figure. Up next would be $2,400.
On the other hand, if XAU/USD drops below $2,250, that could sponsor a correction. The first support would be the $2,200 figure, followed by the March 8 high turned support at $2,195, ahead of extending its losses to $2,150
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