Gold price builds on the recent breakout momentum and touches a fresh record high on Monday. Reduced bets for a June Fed rate cut underpin the USD and might cap gains amid the risk-on mood. Dip-buying should limit any corrective slide ahead of the US CPI and the FOMC minutes this week. Gold price attracts some dip-buying in the vicinity of the $2,300 mark during the Asian session on Monday and hits a fresh all-time peak in the last hour.
Technical Analysis: Gold price needs to consolidate before the next leg up amid extremely overbought RSI on the daily chart From a technical perspective, Friday's strong move up and acceptance above the $2,300 round-figure mark could be seen as a fresh trigger for bullish traders and support prospects for additional gains. That said, the Relative Strength Index on the daily chart is flashing extremely overbought conditions.
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