Gold price is consolidating the two-day upswing while defending the $2,300 level early Wednesday.
Gold price holds above $2,300 early Wednesday, downside risks remain intact. The US Dollar consolidates the upside while Treasury bond yields lickwounds. Gold sellers look to crack the key $2,277 support, as the daily RSI stays bearish. The US CPI inflation data and Fed interest rate decision are on Gold traders’ radars.
Gold price technical analysis: Daily chart As observed on the daily chart, the Gold price has entered a consolidative phase, following its downside break from the key confluence support zone near $2,350. At that level, the 21-day Simple Moving Average and the 50-day SMA close in. The 14-day Relative Strength Index has turned lower once again while below the 50 level, currently near 45.50, suggesting that risks remain skewed to the downside for Gold price.
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