Gold XAUUSD Chart Technical Outlook takes a breather on rising yields, set to resume gains on market optimism, $2,433 in play
XAU/USD went too far, too fast – and suffered a downside correction. The 4h-RSI topped 80, entering extreme overbought territory before tumbling back down. The precious metal may have ended its correction and has room to resume its gains. Resistance is at $2,433, followed by $2,449 and 2,466. Support is at $2,507 and $2,372. Gold is not overbought anymore, so there is room to rise.
There is another factor boosting Gold – the general demand for metals. While the precious metal is not as useful in industry as copper, investors seem to be grabbing all commodities these days, and that also helps. A third positive factor is news from Russia, which increased its Gold holdings.
