Gold Price (XAU/USD) remains on the back foot around the lowest level in a week, challenging the bearish breakdown of the trend continuation chart pattern, suggesting further downside of the XAU/USD. That said, the Gold Price holds lower grounds near $1,943 amid early Wednesday morning in Asia. It should be noted that the precious metal’s latest weakness pays little heed to the downbeat United States (US) inflation readings while appearing closely (inversely) linked to the firmer US Treasury bond yields.
Gold Price teases the technical breakdown of a short-term symmetrical triangle, signaling further downside of the XAU/USD, even as the US inflation numbers match market forecasts. The reason could be linked to the upbeat US Treasury bond yields and China-related news.
Gold Price remains on the back foot as it prods the bottom line of a two-week-old symmetrical triangle.
That said, the below 50.0 level of the Relative Strength Index (RSI) placed at 14, suggests bottom-picking of the XAU/USD from the triangle’s lower line, around $1,942 at the latest.
The following recovery, however, remains elusive unless the Gold Price remains below the stated trend-continuation chart pattern’s top, close to $1,969 by the press time.
Even if the quote Gold Price crosses the $1,969 hurdle, the 200-SMA and a three-week-old horizontal resistance zone, near $1,983-85, will be a tough nut to crack for the bulls before taking control. Also acting as an upside filter is the $2,000, a break of which will welcome the XAU/USD buyers with open hands and a pass to prod the $2,050 hurdle.
On the flip side, the XAU/USD’s break of the triangle’s support of near $1,942 can quickly challenge the yearly low marked in May around $1,932.
Following that, the 61.8% Fibonacci Expansion (FE) of its May 10 to June 02 moves, near $1,910, will precede the $1,900 round figure to act as the final defenses of the Gold buyers.
Overall, stronger resistance on the top and a likely hawkish Fed rate halt keep the Gold sellers hopeful.
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