From a Technical perspective, Friday's breakout through the $2,062-2,064 horizontal barrier was seen as a fresh trigger for bullish traders and supports prospects for additional gains. That said, the Relative Strength Index (RSI) on the daily chart is hovering near the overbought zone and holding back bulls from placing fresh bets. This makes it prudent to wait for some near-term consolidation before positioning for an extension of a nearly three-week-old uptrend.
In the meantime, the aforementioned resistance breakpoint, around the $2,064-2,062 region, now seems to protect the immediate downside. Sustained weakness below, however, might prompt aggressive technical selling and expose the 50-day Simple Moving Average (SMA) support, currently pegged near the $2,034 area. The latter should at as a key pivotal point, which if broken decisively will negate the positive outlook and shift the bias in favour of bearish traders.
On the flip side, the $2,088 zone, or over a two-month high touched on Friday, now seems to act as an immediate hurdle ahead of the $2,100 round figure. Some follow-through buying has the potential to lift the Gold price further towards the $2,025-2,030 intermediate hurdle en route to the all-time peak, around the $2,144-2,145 zone touched early December
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