Gold Price Forecast: XAU/USD returns to the red after failing above $2,400 yet again

Gold price extends pullback as Middle East fears calm down. US Dollar weakens amid upbeat mood, despite rebounding US Treasury bond yields. Gold price targets $2,350 on a sustained break below 50-SMA at $2,370 on the 4H chart. Gold pricehas returned to the red in Monday’s Asian trading, snapping two back-to-back days of gains.

However, Gold sellers need to crack the $2,350 psychological level beforehand. The Relative Strength Index , a leading indicator, has entered the negative territory to hover near 48.00, justifying the bearish potential. On the flip side, Gold price could face the initial hurlde at the 21-SMA at $2,382 on the road to recovery. Further up, the $24,00 round level will be challenged. Acceptance above the latter will fuel a fresh upswing for a test of Friday’s high of $2,418.

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