On Monday, gold has been rising for the fourth consecutive day and is trading around $2,087, near the highest level since December 28, reached last week.

Against the backdrop of growing hopes for an inevitable change in the Federal Reserve's policy, the dollar is trying to gain some significant support. This, coupled with a more favorable background in the stock markets, supports the precious metal, although a strong rise in U.S. Treasury bond yields restrains further growth.

From a technical standpoint, the breakthrough of the horizontal barrier at $2,065 is seen as a new stimulus for the bulls, supporting the prospects of additional profit. However, the Relative Strength Index (RSI) on the daily chart fluctuates near the overbought zone, thereby keeping the bulls from entering new positions. Accordingly, before preparing for the continuation of the upward trend, it would be wise to await some short-term consolidation.

The aforementioned breakthrough resistance point around $2,065 now protects against an immediate decline. However, a sustained drop below this area may trigger aggressive technical selling and expose the support of the 50-day simple moving average (SMA), currently around 2,034. This area should become a key turning point, and a decisive breakthrough will nullify the positive outlook and shift the bias in favor of the bears.

On the other hand, the zone of $2,088–2,090, or more than a two-month high, now acts as an immediate obstacle before the round figure of $2,100. Some subsequent purchases may further drive up the price of gold towards the historical high reached in early December.