: After registering its most significant weekly gain since January, gold has continued to climb for a second consecutive week, reaching a three-month high above $980 USD, driven by investor demand for a safe haven despite rising US interest rates.
The Relative Strength Index (RSI) on the daily chart has surpassed the 70 level, indicating gold's technical overbought conditions for the first time since March. In the event of a technical correction, the initial support stands at $1,960 (the 23.6% Fibonacci retracement of the latest uptrend) before the $1,930 - $1,920 range (including the 200-day Simple Moving Average and the 100-day SMA). A daily close below this support could erode buyer confidence and open the possibility of a larger price decline towards $1,900 USD (the 38.2% Fibonacci retracement and a significant psychological level).
On the upside, gold may face strong resistance at the $2,000 USD level (a psychological and static level). Should XAU/USD surpass this threshold, technical investors might trigger buying activity, pushing prices higher towards $2,020 USD (a static level) and $2,040 USD (a static level).
The Relative Strength Index (RSI) on the daily chart has surpassed the 70 level, indicating gold's technical overbought conditions for the first time since March. In the event of a technical correction, the initial support stands at $1,960 (the 23.6% Fibonacci retracement of the latest uptrend) before the $1,930 - $1,920 range (including the 200-day Simple Moving Average and the 100-day SMA). A daily close below this support could erode buyer confidence and open the possibility of a larger price decline towards $1,900 USD (the 38.2% Fibonacci retracement and a significant psychological level).
On the upside, gold may face strong resistance at the $2,000 USD level (a psychological and static level). Should XAU/USD surpass this threshold, technical investors might trigger buying activity, pushing prices higher towards $2,020 USD (a static level) and $2,040 USD (a static level).
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