Gold achieves a new record high of $3128 on rising safe-haven demand

Gold surged past $3120 heading into Monday's trading session driven by safe-haven demand as President Donald Trump added to economic unpredictability by announcing a new set of tariffs hitting this week on all countries expanding beyond USA's major trading partners.
After achieving multiple record highs, Gold rose more than 9% in March, making it its best month after the commencement of this year. This remarkable journey of the bullion has propelled multiple banks including Goldman Sachs to raise its year-end forecast to $3300 per troy ounce mark.

XAU/USD TECHNICAL OVERVIEW

From technical perspective, it looks like Gold has been stretching its parabolic move closing the previous week in the positive territory. Prices sustain well above the breakout level of ascending triangle at around $3086 confirming the bullish momentum. However, RSI remains in the overbought region of 76.95-77.45.  Market participants should wait for consolidation above $3128 for further leg-up. 

Gold Structure: Strong Weekly Close, Bullish Candle on Daily, Breakout of Ascending Triangle on 4hr, Consolidation on 15 Mins.

Intraday Strategy/ Intraday Trend: Buy on Supports, Buy on Breakouts/ Bullish

Weekly Trend: Extreamly Bullish

Major Resistance: 3118, 3123, 3128 

Major Support: 3105, 3098, 3086