Gold price rockets to $1,950 after Russia officially invades Ukraine. What’s next? XAU/USD bulls to defy overbought conditions as $2,000 remains in sight, FXStreet’s Dhwani Mehta reports.

Bulls take a breather after the relentless rise

“Markets keep a close eye on the further developments around the Russia-Ukraine conflict. Moreover, US President Joe Biden’s promise for ‘further consequence on Russia’ and the Western response will be closely followed for fresh trading opportunities in gold.”

“Relative Strength Index (RSI) marches higher above 70.00. The pace of the rally suggests that a minor correction could be in the offing.”

“If the corrective downside picks up pace, then XAU/USD could look to test the triangle resistance now support at $1,907. Ahead of that level, the $1,930 and $1,920 round numbers will help limit the pullback.”

“Buying resurgence could see a retest of the 13-month highs of $1,949, above which doors will open up towards the $2,000 level.”

See – Gold Price Forecast: XAU/USD to soar towards $2,075 on a break above $1,917/23 – Credit Suisse