Gold prices are surging once again, bouncing off the key level of 2,600 and eyeing the all-time high of 2,685.51. The MACD and RSI indicators are signaling a bullish trend, with the potential for prices to reach uncharted territory.
If the bulls continue to dominate, we could see gold prices test levels such as 2,700 and 2,800. However, the bears are looking to regain control and defend key moving averages at 2,652 and 2,641. Breaking below these levels could lead to a retest of the 2,600 handle.
In summary, gold bulls are working to erase the recent neutral phase and push prices higher, but the path ahead is uncertain. Traders should keep a close eye on key support and resistance levels to gauge the next move in the precious metal.