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Technical Analysis: Gold pumps up to challenge the record high above $1900

Gold bulls seem unstoppable as the yellow metal takes the bids near the highest levels since September 2011. The optimists might have been cheering the break of November 2011 and October 2012 tops amid the coronavirus (COVID-19) woes and downbeat US dollar. Hence, buyers are all set to challenge $1900 threshold whereas the record high of $1920 might question the further upside along with overbought RSI conditions. It should, however, be noted that the bullion's rise past-$1,920 will be eligible to confront the $2000 psychological magnet.

If at all the sellers take the risk and recall $1800 mark, buyers will still have a comparative advantage unless $1750 and $1700 stays on the table. Additionally, $1680 and $1600 could act as an intermediate halt during the southward trajectory towards March month's low near $1450. It's worth mentioning that the yellow metal is already overbought and any further upside will need a strong push to cross $1900 mark, until then odds of a pullback are quite high.

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