Gold price is seeing a negative start to a new week on Monday, having booked a weekly loss.
Gold price snaps a two-day uptrend amid a risk-on market profile. US Dollar stays afloat on USD/JPY upsurge, despite sluggish US Treasury bond yields. Gold price challenges key daily trendline support at $2,325. Gold priceis seeing a negative start to a new week on Monday, having booked a weekly loss. Gold price bears the brunt of resurgent US Dollar demand and a risk-on market mood amid Japanese holiday-thinned market conditions.
Gold sellers, however, will also need to crack the rising trendline support at $2,325 before eyeing the 50-day SMA. Ahead of that, the previous week’s low of $2,291 and the psychological $2,250 level could lend support to buyers. The 14-day Relative Strength Index has turned south, justifying the latest leg down in Gold price. However, the indicator still hold well above the midline, near 56.00, implying that every dip in Gold price could be a good buying opportunity.
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