Technical analysis: Gold price bulls might aim to test the next relevant hurdle near the $2,065 area

From a technical perspective, the overnight breakout through the $2,040-2,042 horizontal resistance was seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and support prospects for an extension of the recent goodish rebound from the YTD low, around the $1,984 region touched in February. Hence, a subsequent strength towards the next relevant hurdle near the $2,065 region, en route to the $2,100 round figure, looks like a distinct possibility.

On the flip side, weakness back below the $2,040-2,042 resistance-turned-support might now be seen as a buying opportunity and is more likely to find decent support near the $2,025-2,024 area, or the weekly low. This is followed by the 100-day Simple Moving Average (SMA), currently near the $2,014 region. This is followed by the $2,000 psychological mark, which if broken might shift the near-term bias in favour of bearish traders and drag the Gold price to the $1,984 support en route to the very important 200-day SMA, near the $1,969-1,968 zone.