On 20th May, Gold prices soared due to the falling dollar and the stock market sell off. Russia is the third largest producer of gold. Hence, the price of gold touched above 2000 USD per ounce due to safe haven status and supply chain disruption. Based on technical analysis, the formation of higher highs on the dollar Index has limited the bullish breakout and uptrend of the Gold. The technical analysis of Gold shows that XAU/USD proceeds to the extremely overbought territory in the Relative Strength Index indicator around the 2000 USD piece level. On the daily chart, 1780 acted as a strong form of support. The daily chart looks bullish and may touch 1880 levels, where the 100 day moving average(DMA) is placed. It is observed that 100 DMA is a strong resistance for Gold.
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