XAU/USD: Spot applied to record highs; Overbought?
Versus the US dollar climbed Spot last week to a fresh highlight of US $ 2,817, however, given the current map studies, it could be a retracement.
The monthly period of time is correct on the door of resistance between US $ 2,923 and US $ 2,730 (formed by a 1.272% Fibonacci project ratio and a 100% project ratio). In addition, the RSI recently touched gloves with resistance in Overbought Territorium on 87.31-82.20. Although the upward trend suggests that investors will continue to offer gold, a decision point of US $ 2,428-US $ 2,290 can be worthwhile to be in the watchmist if a long-term correction occurs.
What is interesting from a technical perspective on the daily period is that on Friday in the form of a shooter Beerarish Candle will be packed after refreshing record highs. Nevertheless, this week will be about support from US $ 2,790.
Countertrend sellers will probably opt for caution at the current level, given support at US $ 2,790. If the price manages to close to the south of the aforementioned line, this can cause the sale to US $ 2,736-US $ 2,763, closely followed by another support of US $ 2,715. Conversely, buyers to defend US $ 2,790 stops stops above the top shadow of the shooting star, refreshing all-time highlights and driving price higher in monthly resistance stated above at US $ 2,923-US $ 2,730 could all be on the table .