From a short-term technical perspective, gold remains in contact with an upward trend amid favorable price indicators.
While gold has broken above the resistance level of the upward trend line at $2,080, a daily close beyond this mark is crucial to extend the upward trend to an all-time high of $2,144. Gold buyers face formidable resistance levels at $2,100 and $2,120 before reaching this milestone.
The 14-day Relative Strength Index (RSI) is pointing upwards along the midline, instilling confidence in the ongoing uptrend.
Any potential decline in gold prices could find initial support at the recent low of $2,061, with adjustments potentially extending towards $2,050.
The ultimate defensive line for gold buyers is visualized at the 21-day Simple Moving Average (SMA) positioned at $2,035.
In summary, gold is currently trading sideways above $2,060, with the need for a sustained close above $2,080 to propel the price towards an all-time high of $2,144. Resistance levels at $2,100 and $2,120 pose challenges, while the RSI signals positive momentum. Potential corrections have support levels at $2,061 and $2,050, with the 21-day SMA acting as the final line of defense at $2,035