Gold price is languishing in two-week lows just shy of the $2,300 level early Thursday, with buyers lacking conviction due to the sustained strength in the US Treasury bond yields.
Gold price attempts a bounce from two-week lows below $2,300 early Thursday. The US Dollar tracks the USD/JPY retreat, despite firmer Treasury bond yields and softer risk tone. Gold price appears ‘sell the bounce’ trade amid bearish daily RSI, having breached $2,300 on Wednesday.
If sellers gather strength, a test of the June low at $2,287 will be inevitable, below which the May 3 low at $2,277 will be in the spotlight. The last line of defense for Gold buyers is seen at the upward-sloping 100-day SMA at $2,252. Conversely, Gold price needs to take out the 21-day SMA at $2,327 on a daily closing basis to revive the recovery from the monthly low of $2,287. Before that upside hurdle, Gold buyers must regain the $2,300 threshold.
Commodities XAUUSD Fed Riskaversion
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