Gold price (XAU/USD) advanced beyond the $2,000 psychological mark on Friday, hitting its highest level since May 16 and registering a third straight
Gold price consolidates its recent strong gains and manages to hold above the $2,000 mark. Geopolitical tensions in the Middle East continue to lend support to the safe-haven metal. A slightly overbought RSI warrants caution for bulls ahead of this week’s key event/data risks. weekly gain. An escalation in the Israel-Hamas conflict continues to fuel safe-haven buying and acts as a tailwind for the precious metal.
That said, any meaningful corrective decline is likely to find decent support near the $1,986-1,985 horizontal resistance breakpoint. The said areas should act as a pivotal point, below which the Gold price could accelerate the fall towards the $1,972 support zone. On the flip side, some follow-through buying beyond the $2,005 area, or the multi-month peak touched on Friday, will set the stage for a move towards the next relevant hurdle near the $2,022 area.
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