Technical analysis: Gold soars as buyers eye $2,100

Gold is rallying sharply on its way toward the $2,100.00 figure. It cleared several key resistance levels, like the $2,050 psychological level and the February 1 high at $2,065.60. Nevertheless, it meanders within the $2,065-$2,090 area as buyers take a breather ahead of testing the all-time high of $2,146.79.

On the flip side, XAU/USD’s first support is $2,065.60, followed by the $2,050 mark. Once cleared, Gold’s next floor would be the February 16 swing low of $2,016.15 and the October 27 daily high-turned-support at $2,009.42.  Once cleared, that will expose key technical support levels like the 100-day SMA at $2,009.42, followed by the 200-day SMA at $1,968.00.