Technical Analysis: Gold price is likely to find decent support near the weekly swing low, around the $2,146 area

From a technical perspective, some follow-through selling below the overnight swing low, around the $2,166 area, or the 100-hour SMA, might expose the $2,146 support or the weekly trough. A convincing break below the latter could drag the Gold price further towards the next relevant support near the $2,128-2,127 zone en route to the $2,100 round figure.

On the flip side, the $2,200 psychological mark now seems to act as an immediate hurdle, above which bulls might aim to challenge the record high, around the $2,223 zone touched on Thursday. Meanwhile, the Relative Strength Index (RSI) on the daily chart – though has eased from higher levels – is still flashing overbought conditions and warrants caution