Gold price rebound fizzles near $2,355 early Tuesday, despite a mixed tone. The US Dollar recovers with US Treasury bond yields after a weak US ISM PMI-led sell-off. The daily RSI battles the 50 level, as Gold price readies for a range breakout. Gold priceis facing a modest selling pressure near $2,355 in Asian trading on Tuesday, pausing its solid rebound staged a day ago.
The 14-day Relative Strength Index has managed to crawl back above the midline but it seems to be struggling to defend it, at the moment. If Gold sellers manage to crack the 50-day SMA at $2,334 on a daily closing basis, a test of the $2,300 level will be inevitable. Further south, a drop toward the May 3 low of $2,277 will be in the offing. Alternatively, acceptance above the 21-day SMA at $2,357 could put the May 24 high of $2,364 on buyers’ radars.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »