Gold: Bullish breakout – OCBC

XAU/USD broke pushed higher into record levels into NY session to firmly close above 3,500. Gold last seen at 3540 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Bullish momentum on daily chart intact

"Prospects of Fed cutting rates, risk of geopolitical tensions persisting for longer and chatters of central banks buying were some of the factors driving gold higher. Bullish momentum on daily chart intact while RSI rose into overbought conditions."

"We still continue to watch price action – if it manages to close above 3500 on weekly and monthly frequency. Next resistance at 3600, 3750, and 3890 levels. Support at 3390 (21 DMA), 3360 (50 DMA)."