Gold price has returned to the red near $2,170 early Wednesday, notwithstanding Tuesday’s uptick to the $2,200 level.
Gold price reverses the two-day rebound, as traders turn cautious ahead of Fedsepak, US data. US Dollar holds firm even as US Treasury yields struggle, as dour mood stays supportive. Gold price appears a good dip-buying trade whilst above the $2,147 confluence support. Gold pricehas returned to the red near $2,170 early Wednesday, notwithstanding Tuesday’s uptick to the $2,200 level.
With a Bull Flag in play, Gold price remains on track to test the measured target at $2,251 should the uptrend regain momentum. Before that level, Gold price needs to recapture the $2,200 threshold on a sustained basis. The record high at $2,223 will be next on buyers’ radars. The 14-day Relative Strength Index , is pointing lower while within the positive territory, suggesting ‘buy-the-dip’ trades remain in the offing for Gold price.
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