Gold prices climbed on Monday, buoyed by the drop in U.S. yields and the U.S. dollar’s softness. With recent performance in mind, XAU/USD has risen more than 8% since October, firmly eclipsing its 200-day simple moving average and ascending beyond the psychological $2,000 level – two technical signals that have strengthened the metal’s constructive bias. For stronger conviction in the bullish thesis and to validate the potential for further upward momentum, a clear and decisive move above $2,010/$2,015 is required – a major resistance zone that has consistently thwarted advances since the beginning of the year. While clearing this hurdle might pose a challenge for bulls, a breakout could catalyze a rally towards $2,060, followed by $2,085, May’s high. In the event that gold gets rejected to the downside from its current position, the asset might trend towards support spanning from $1,980 to $1,975. Prices could potentially stabilize in this area on a bearish reversal, but a push below this floor could lead to a retreat towards the 200-day simple moving average situated around the $1,950 mark. Beneath this threshold, attention might refocus on $1,937.
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