Gold kicked off the first quarter of 2024 with solid gains, extending the positive momentum established in the latter part of 2023. During this upturn, XAU/While bullion’s technical profile continues to be bullish, with a clear pattern of higher highs and higher lows, caution is advised, with the 10-week RSI indicator signaling possible overbought conditions.
On the other hand, if bulls maintain control of the steering wheel and manage to propel prices higher in the coming days and weeks, initial resistance awaits at the $2,222 record high. While buyers may face difficulty breaching this barrier decisively, a successful breakout could invigorate upside pressure, paving the way for a move towards channel resistance at $2,255.
Drawing from historical patterns, there's a high likelihood that XAG/USD may encounter rejection once more at this technical ceiling, where seller activity seems concentrated. However, should a breakout unfold, there's scope for a move towards $26.95, which represents the high point of 2022. Subsequent strength would direct attention to $28.75, the peak of May 2021.
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