Gold price is attempting a bounce from $2,400, having snapped a three-day corrective decline from record highs of $2,484.
Gold price bounces off $2,400 amid a positive start to a Big week. Despite risk aversion, the US Dollar stays softer with US Treasury bond yields. Gold price looks to $2,425, as the daily RSI turns north above 50. Gold price capitalizes on a broad-based US Dollar softness alongside sluggish US Treasury bond yields even as markets stay risk averse.
The 21-day and 50-day Simple Moving Averages Bull Cross also remains in play, adding credence to the renewed upside in Gold price. if Gold price rebound picks up strength, the $2,425 static resistance will be tested. The next topside barrier is seen at the previous lifetime high of $2,450, above which buyers will target the new all-time high of $2,484 reached last week. Conversely, should sellers fight back control, Gold price could challenge the $2,400 threshold once again.
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