Gold price trades with caution, kicking off a new week on Monday. The US Dollar stays weak amid PCE inflation-led dovish Fed bets, sluggish Treasury yields. Gold price looks south, as the daily RSI stays bearish and the 21-day SMA acts as a tough nut to crack. Gold price fails to capitalize on the US Personal Consumption Expenditure inflation data-led US Dollar weakness, as buyers turn to the sidelines heading into a Big week.
Gold price technical analysis: Daily chart Gold price looks vulnerable so long as the 14-day Relative Strength Index stays below the 50 level and the 21-day Simple Moving Average at $2,328 acts as a tough nut to crack for buyers. Acceptance above the 21-day SMA is critical on a daily closing basis to resume the recovery from the monthly low of $2,287. Further up, the 50-day SMA at $2,338 will be challenged, followed by the two-week high of $2,369.
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