Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve (Fed) Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.
Gold price oscillates in a familiar range near $2,330 early Wednesday. The US Dollar licks wounds with US Treasury yields amid a cautious mood. Fed Chair Powell touts inflation progress, boosts September rate cut prospects. Gold price needs to crack the 50-day SMA for a sustained recovery, as the daily RSI prods 50 level.
Gold price technical analysis: Daily chart With the 14-day Relative Strength Index flirting with the 50 level and Gold price defending the 21-day Simple Moving Average at $2,328, risks appear evenly split for traders. Gold buyers need a sustained break above the 50-day SMA barrier at $2,338 to restart a meaningful recovery from the monthly low of $2,287. The next topside barrier is seen at the $2,350 psychological level, above which the two-week high of $2,369 could be challenged.
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