Gold’s price broke the key resistance of $2,140 last week, with prices rising 5%. Economists at ANZ Bank analyze XAU/USD technical outlook.

Cruising in an unchartered territory

The last two days of consolidation have formed a resistance level near the recent high of $2,195. A break of this resistance could see Gold trading above $2,200 range. 

However, a healthy price correction looks in the offing as the Relative Strength Index suggests an overbought level. 

If correction starts, the price could fall back to the key support level of $2,100.