Technical analysis: Gold price could accelerate the positive move once the $2.041-2,042 barrier is cleared decisively

From a technical perspective, sustained strength beyond the $2,041-2,042 hurdle will be seen as a fresh trigger for bulls and lift the Gold price further towards the next relevant hurdle near the $2,065 region. Given that oscillators on the daily chart have just started gaining positive traction, the momentum could extend further and allow the XAU/USD to aim back to reclaim the $2,100 round-figure mark.

On the flip side, the weekly low. around the $2,025-2,024 area, touched the previous day, might continue to lend some support ahead of the 100-day SMA, currently near the $2,013-2,012 region. This is followed by the $2,000 psychological mark, which if broken might shift the near-term bias in favour of bearish traders and drag the Gold price to the $1,984 support en route to the very important 200-day SMA, near the $1,968 zone