Gold price has paused its previous upswing in Asian trading on Wednesday, as buyers take a breather and gather pace ahead of the all-important US Federal Reserve (Fed) policy announcements.
Gold price treads water on the Fed day after Tuesday’s range breakout to the upside. US Dollar extends pullback amid subdued US Treasury bond yields, as caution prevails. Gold price swings back above 21-day SMA resistance, as the daily RSI flips bullish. Will the rebound last? Gold price has paused its previous upswing in Asian trading on Wednesday, as buyers take a breather and gather pace ahead of the all-important US Fed eral Reserve policy announcements.
Gold price technical analysis: Daily chart Gold buyers are back in the game in the countdown to the Fed event, represented by the 14-day Relative Strength Index flipping back above the 50 level. Gold price broke the consolidative range to the upside after closing Tuesday above the 21-day Simple Moving Average resistance, then at $2,394. Against this backdrop, further upside looks likely for Gold price, if buyers manage to seek a sustained break above the static resistance in the $2,412.
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