Technical Analysis: Gold marks stellar run-up to refresh record high with $1944
While crossing the landmarks one-by-one, Gold prices refreshed record high on Monday. The yellow metal takes rounds to $1932 following the rally that crossed the year 2011 top with $1944.38 level. Although overbought RSI continues to stop bulls, the strength of the recent north-run creates challenges for a $2000 psychological magnet. It should, however, be noted that the techniques are all geared up for attacking 61.8% Fibonacci Expansion (FE) level of $2078. Hence, a $2000 threshold might offer immediate rest to the buyers and can trigger a pullback move, which if fail to defy the optimists, can aim for $2078 and $2100 during the further rise.
Though, the yellow metal's downside break below $1900 will be the key to recall highs marked during November 2011 and October 2012, around $1800. It's worth mentioning that the bullion's additional weakness past-$1800 will eye of $1680, which if broken may pave the way for the bears' return. In doing so, $1550 and $1375/80 should be on their radars.