Gold price hits a fresh weekly low near $2,310 early Wednesday, extending previous losses. The US Dollar holds gains amid firmer Treasury bond yields, hawkish Fed commentary and a risk-off mood. The downside appears more compelling for Gold price on triangle failure and bearish daily RSI. The sustained US Dollar strength alongside firmer US Treasury bond yields fuels additional downside in Gold price, as traders brace for a data-light US economic calendar later on Wednesday.
Also, the 21-day Simple Moving Average and the 50-day SMA bearish crossover continues to act as a headwind. If sellers gather strength, the initial demand area is seen at the $2,300 threshold. Acceptance below the latter will put the May 3 low at $2,277 back in the spotlight. On the other hand, Gold price needs to recapture the 21-day SMA at $2,320 on a daily closing basis to revive the recovery from the monthly low of $2,287.
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Source: FXStreetNews - 🏆 14. / 72 Read more »