Technical analysis: Gold buyers take a breather below $2,170.00

Gold price remains upwardly biased on Thursday, but it has consolidated near the $2,160-$2,180 area during the last three days, unable to break the top of the range and aim toward $2,200.00. It should be said that the Relative Strength Index (RSI) indicator is about to pierce below the 70 mark, an indication that buyers are losing momentum. In that event, XAU/US could dive toward $2,150.00.

Further downside is seen at the March 6 low of $2,123.80, followed by $2,100.00. A breach of the latter will expose the December 28 high at $2,088.48 and the February 1 high at $2,065.60.

On the other hand, a bullish continuation would happen once buyers reclaim the March 12 high of $2,184.76. The next stop would be the year-to-date high of $2,195.15, followed by $2,200.00.

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