Gold Price Forecast: XAU/USD awaits US employment data for the range breakout

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.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Price Forecast: XAU/USD remains stuck in range above $2,400 ahead of Fed MinutesGold price is trading back and forth in a tight range above $2,400 early Wednesday, consolidating the previous losses.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: XAU/USD focuses on daily close below $2,330 and US ISM PMIGold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: XAU/USD holds below $2,350, geopolitical risks remain in focusGold price (XAU/USD) edges lower to $2,325 on Monday during the early Asian trading hours.
Source: FXStreetNews - 🏆 14. / 72 Read more »