Gold price is catching a breather early Wednesday, having hit a four-week low at $2,285 on Tuesday.
Gold price licks wounds near four-week lows ahead of US jobs data, Fed decision. US Dollar rebounded with US Treasury bond yields on Tuesday, as risk-off flows underpinned. Further downside looks likely for Gold price amid bearish RSI on the daily chart. Gold priceis catching a breather early Wednesday, having hit a four-week low at $2,285 on Tuesday.
The 14-day Relative Strength Index is now sitting beneath the 50 level, having pierced through the latter for the downside on Tuesday. The downside break of the key daily support line and the bearish RSI indicator suggest that the path of least resistance for Gold price appears down. The immediate support is seen at the psychological $2,250 level, below which the 50-day SMA at $2,223 will be challenged.
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