Gold price clings to previous recovery gains amid market caution. The US Dollar and the US Treasury bond yields nurse losses induced by poor US Retail Sales data. Gold price challenges bearish commitments, as it prods criticla upside hurdle near $2,340. The Juneteenth holiday in the United States is likely to keep liquidity thin around the US Dollar, leaving Gold price sidelined. However, Gold price also risks exaggerated moves due to light trading.
Adding credence to the bearish potential, a Bear Cross remains in play after the 21-day SMA crossed the 50-day SMA from above on a daily closing basis last Friday. The immediate support is now seen at the $2,300 threshold, below which the June 10 low of $2,287 will be tested. A sustained break below the latter will threaten the May 3 low of $2,277, as sellers aim for the $2,250 psychological barrier.