Technical Analysis: Gold buyers remain hopeful despite overbought RSI
In addition to the bullion's sustained run-up beyond 200-bar SMA, it's failure to extend the pullback below 61.8% Fibonacci retracement also keep the gold buyers hopeful despite overbought RSI. As a result, $1639 is likely to return to the charts while further upside could aim for $1672 and $1700.
In a case where the safe-haven drops below 61.8% Fibonacci retracement level of $1606, also under the 200-bar SMA level of $1595, March 17 high near $1553 will gain the sellers' attention. During the yellow metal's fall past-$1553, $1510 and $1480 will flash on the bears' radar.