Gold price is trading on the front foot just shy of the $2,500 threshold early Monday, consolidating Friday’s late rebound.
Gold price holds Friday’s rebound, near $2,500, as the US CPI week kicks in. The US Dollar tracks US Treasury bond yields uptick amid a modest risk-recovery. Gold price stays confined between two key barriers but bullish RSI keeps buyers hopeful. Gold price sticks to its familiar range, as traders brace for the US Consumer Price Index data due later this week to confirm the size of the Federal Reserve interest rate cut next week.
The 14-day Relative Strength Index also rebounds while above the 50 level, adding credence to the bullish potential in Gold price. Recapturing the $2,500 level on a daily closing basis is critical for Gold price to strengthen its bullish bias. The next relevant topside barrier is seen at the record high of $2,532, above which the $2,550 psychological level will come into play.
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