Gold - Weekly

Gold continues to rally towards the highs of $2065

Gold continues to rally higher as markets get a grip of fear with the recent bank run. Gold continues to move higher with all-time highs in sight. Given the FOMC & BOE announcements this week a dovish tone could relax the USD and see gold move high towards the $2065 high, followed by a further move towards $2100. On the downside, support sits at $1950 followed by $1900. It is worth noting that the RSI is 69.7 near overbought territory. The last 2 times the RSI had this reading gold prices did retrace more than 10% in the proceeding weeks.