Gold buyers took a breather during early Monday as the RSI (14) turned overbought. The pullback moves, however, failed to break the previous resistance line from March 13, close to $1,965 by the press time.
In doing so, the XAU/USD remains inside a one-week-old bullish trend channel amid upbeat MACD signals.
As a result, the metal’s upside toward refreshing the Year-To-Date high can’t be ruled out.
However, the stated bullish channel’s top line and the April 2022 high, respectively near $1,996 and $1,998, will precede the $2,000 psychological magnet to challenge the Gold buyers.
Following that, a run-up towards the previous yearly peak surrounding $2,070 can’t be ruled out.
Alternatively, pullback moves need validation from the $1,965 but the Gold seller may feel relived only if the XAU/USD price remains bearish past the $1,942-40 support confluence, encompassing the aforementioned channel’s lower line and the 50-Hour Moving Average (HMA).
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