At the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,176 US dollars per troy ounce as of this moment, marking a 0.75% increase for the day.
The metal early on hit a session high of $2,179.20 US dollars per troy ounce. Gold is likely to find support at $2,152.30 and resistance at $2,225.30.
The Dollar Index Futures, which tracks the dollar’s trend against a basket of six other major currencies, fell by 0.23% to trade at $103.94 US dollars.
Meanwhile, at the Comex, silver for delivery in May rose by 0.24% to trade at $24.90 per troy ounce, while copper for delivery in May increased by 0.05% to trade at $4.01 US dollars per pound.
Despite Monday’s rise, Gold continues to consolidate after pulling back from the new record of $2,223.220 reached on Thursday.
The precious metal remains in an uptrend across all major timeframes. However, technical indicators suggest that XAU/USD is likely to continue consolidating for some time before resuming its upward movement.
XAU/USD
The RSI has just exited the overbought territory, which is a classic sell signal, and shows divergence with March 9th when it reached its peak in the overbought zone. However, once the retracement is completed, it is likely that the price of Gold will resume its upward movement in line with the dominant bullish trend.