Gold price is nursing losses early Monday, having witnessed a more than 1% sell-off on Friday.
Gold price licks its wounds early Monday in the aftermath of Friday’s sell-off. The US Dollar holds gains amid risk-aversion andsubdued US Treasury bond yields. Gold price closes the week below 50-day SMA even after the symmetrical triangle breakout. The daily RSI drops back below 50 while Bear Cross remains in play. Fed speak awaited.
50, suggesting that the downside appears more compelling for Gold price. Further, a Bear Cross validated last week, after the 21-day SMA crossed the 50-day SMA from above on a daily closing basis, remains a cause for concern for buyers. Gold price needs to reclaim the 50-day SMA at $2,342 to revive the previous week’s recovery momentum. Further up, the two-week high of $2,366 will be challenged. A sustained move above that level will expose the June 7 high of $2,388.
XAUUSD Commodities Riskaversion Fed
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