XAUUSD - The increasing momentum should be strengthened

Gold in the XAU/USD pair has ascended for a seventh straight day, though it has shed some momentum. Overbought conditions are making it challenging for the pair to extend gains further, hinting at a potential price correction or a consolidation phase ahead. Technically, the daily chart displays oscillators hovering at extreme levels, indicating a likelihood of an uptrend exhaustion. However, the pair continues to exhibit a robust performance above the upward trending Exponential Moving Averages (EMAs).

Support levels: 2,145.60 2,132.50 2,119.90

Resistance levels: 2,165.00 2,180.00 2,200.00

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