Gold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.
Gold price mires in over two-week lows near $2,325 amid the Middle East optimism. The US Dollar eases with US Treasury bond yields, as the mood stays upbeat. The daily RSI returns below the 50 level, as Gold price eyes acceptance below the key 50-day SMA support at $2,330. Gold priceis licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing.
However, Gold sellers need a daily candlestick closing below the latter to confirm a sustained breakdown. The 14-day Relative Strength Index is edging lower below the midline, suggesting that sellers are likely to retain control in the near term. The next downside target for Gold price is seen at the $2,300 level, below which a drop toward the May 3 low of $2,277 will be in the offing. Alternatively, any rebound would need acceptance above the 21-day SMA at $2,355.
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