Gold Forecast: XAU/USD sellers stay hopeful whilst below $2,350

Gold price turns south toward $2,300 early Thursday, snapping a three-day rebound. The US Dollar looks to extend post-US CPI data recovery, courtesy of the Fed’s hawkish hold. Gold sellers remainpoised to test the key $2,277 support, as the daily RSI stays bearish. Gold sellers fight back control following the hawkish US Federal Reserve interest rate decision but stay cautious ahead of the US Producer Price Index inflation data due later on Thursday.

The 21-day Simple Moving Average is on the verge of crossing the 50-day SMA from above, which if happens will validate the bearish crossover, opening the door for a renewed downtrend in Gold price. The immediate support is now seen at the $2,300 threshold, below which the May 3 low of $2,277 will be threatened. A sustained break below the latter is critical to boosting sellers toward the $2,250 psychological barrier.

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