The price action witnessed in the second half of March confirmed the significance of $2,000 as a resistance. Although the Relative Strength Index (RSI) indicator on the daily chart holds near to suggest that the bullish bias stays intact, buyers could remain hesitant unless Gold price makes a daily close above that level.
On the downside, near-term support seems to have formed at $1,950 (static level) ahead of $1,930 (20-day Simple Moving Average (SMA)) and $1,900 (50-day SMA, psychological level).
In case XAU/USD claims $2,000 and starts using it as support, the next bullish target is located at $2,050 (static level) before $2,070 (March 2022 high).
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