XAUUSD: Chasing a New Peak?

XAUUSD, H4

On the H4, XAUUSD, after a long sideways movement, broke the upper boundary, updated the historical high, and is consolidating near 161.8 Fibonacci! Despite the solid bullish sentiment, the price has reached the upper Bollinger line, and Stochastic indicates a big overbought.

• If the bulls push the price above the resistance of 2570, the next target will be 2630, corresponding to 261.8 Fibonacci;

• A rebound from resistance will drop Gold to support at 2530;