Gold price still has some way to go before testing the levels above $2,000 seen on early Monday peak, a trend that is likely to continue according to market analysts.
Pablo Piovano, News Editor at FXStreet, deems another visit to the psychological round mark “on the cards”. Piovano analyzes open interest data from the CME Group in the Gold futures market to support that bullish thesis:
“The uptick in the precious metal was on the back of a small build in open interest, which remains supportive of the continuation of the upside momentum in the very near term.”
Anil Panchal, Technical Analyst at FXStreet, looks deep at the technicals of the XAU/USD price action, seeing room for a consistent rise, as Gold price remains out of overbought territory despite the uptrend seen in recent weeks:
“Gold price extends bounce off the 50-bar Simple Moving Average (SMA), backed by the looming bull cross on the Moving Average Convergence and Divergence (MACD) indicator and upbeat Relative Strength Index (RSI) line, not overbought.”
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