Technical Analysis: Gold price bulls are not ready to give up, $2,150 support holds the key

From a technical perspective, the range-bounce price action since the beginning of the current week comes on the back of the recent blowout rally and might still be categorized as a bullish consolidation phase. The lower boundary of the said trading range near the $2,152-2,150 area might continue to protect the immediate downside. A convincing break below could drag the Gold price to the next relevant support near the $2,128-2,127 zone. The corrective slide could extend further towards the $2,100 round figure, which should act as a strong base for the XAU/USD.

On the flip side, the $2,178-2,180 region now seems to have emerged as an immediate strong barrier, which if cleared should allow the Gold price to challenge the record peak, around the $2,195 area touched last week. Some follow-through buying beyond the $2,200 mark will be seen as a fresh trigger for bullish traders and set the stage for the resumption of a well-established uptrend witnessed since the beginning of this month