Gold Technical Analysis – XAU/USD Daily Chart

After spending three and a half months consolidating in the $1975-$2075, Gold finally broke out to set a new weekly closing high last week. As the chart above shows, that momentum has carried over into this week, with the yellow metal reaching as high as $2,140 intraday. Technically speaking, the momentum remains clearly at the back of the bulls, though with prices well into overbought territory, a near-term dip back toward previous-resistance-turned-support at $2075 cannot be ruled out. As long as the precious metal remains above that level though, the path of least resistance will remain to the topside.

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