Gold Rally Stalls at $2,350 — What Traders Need to Watch

Gold (XAUUSD) has delivered a 6.5% rally over the past four weeks, fuelled by central bank buying, geopolitical uncertainty, and a softer US dollar. However, the price has stalled at the psychologically important $2,350 level.

Technical indicators suggest overbought conditions on the daily chart, with RSI touching 72. A pullback to the $2,290–2,300 zone is possible before the rally resumes.

Fundamental support remains strong. Central banks purchased a record 290 tonnes in Q1, and real yields are declining — both traditionally bullish for gold.