Gold Price Analysis: Hitting $1,817 and entering overbought territory correction on the cards, levels

• Gold is has surpassed $1,817, the highest since 2011. 
• The four-hour chart is pointing to overbought conditions.
• Support awaits at $1,807, $1,0797, and $1,789, while the upside target is at $1,820.

Gold has been extending its gains after breaking above the round $1,800 level earlier in the day. XAU/USD has hit $1,817.74, the highest since 2011 but still over $100 below the all-time high of $1,921 set that year. 

The Relative Strength Index on the four-hour chart is above 70, pointing to overbought conditions and suggesting a downward correction. 

The temporary cap of $1,797 serves as support, and the midway point between that level and the recent high is $1,807 – another potential cushion. Further levels to watch are $1,789 and $1,774.

Looking up, the next round number is $1,820, followed by $1,825. Both levels have been cited by various analysts. 

Gold is benefiting from zero interest rates by major central banks and also bond-buying schemes that flood markets with liquidity.