Gold price is reversing a part of Monday’s rebound, as sellers fight back early Tuesday amid a risk-on market profile.
Gold price reverses Monday’s rebound as sentiment remains upbeat early Tuesday. The US Dollar keeps losses amid sluggish US Treasury bond yields, dovish Fed commentary. The path of least resistance appears down for the Gold price even after the triangle breakout. The daily RSI stays below 50, all eyes turn to more Fed speak and mid-tier US data. The US Dollar nurses losses alongside the US Treasury bond yields, undermined by the dovish commentaries from Fed eral Reserve policymakers.
Also, the 21-day Simple Moving Average and the 50-day SMA bearish crossover continues to exert bearish pressures on the Gold price. A daily candlestick close below the triangle support line, now at $2,320, would confirm the pattern failure, reinforcing selling interests. If sellers flex their muscles then the initial demand area is seen at the $2,310 round level. The next relevant support is seen at the $2,300 threshold.
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