Gold price is attempting a tepid rebound toward $2,340 early Wednesday, having tested the three-week low of $2,315 a day ago.
Gold price rebound fizzles near $2,355 early Tuesday, despite a mixed tone. The US Dollar stabilizes with US Treasury bond yields, in the aftermath of weak US JOLTS data. Gold price yielded a range breakdown below the 50-day SMA on Tuesday while the RSI turned bearish. Gold priceis attempting a tepid rebound toward $2,340 early Wednesday, having tested the three-week low of $2,315 a day ago.
Gold sellers need a sustained move below the three-week low of $2,315 to extend the downtrend toward the $2,300 level. Further south, a drop toward the May 3 low of $2,277 will be on the cards. Alternatively, any recovery in Gold price will need acceptance above the 50-day SMA support-turned-resistance, now at $2,337 to take on the stiff 21-day SMA at $2,358.
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