XAU/USD grinds past $2,000 as softer United States data drown yields

Gold price rides along the lines of an upward-sloping resistance line from late January, which is around $2,030 by the press time.

In doing so, the XAU/USD justifies the pennant breakout, as well as the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator. However, the overbought conditions of the Relative Strength Index (RSI) line, placed at 14, prod the Gold buyers from time to time.

As a result, the yellow metal is well-set for refreshing the Year-To-Date high but is likely to rise gradually.

Even if the XAU/USD crosses the $2,030 hurdle, the year 2022 peak of $2,070 and the all-time high marked in 2020 around $2,075 can act as extra filters towards the north.

Meanwhile, Gold price pullback remains elusive until the quote stays beyond the stated pennant’s top line, close to $1,990 at the latest. That said, the $2,000 round figure may offer immediate support to the prices.

In a case where the Gold price drops below $1,990, the pennant’s bottom line of around $1,970 and February’s peak of $1,960 may become the last defenses of the XAU/USD bulls.

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