Gold price is nursing losses while holding above $2,300 early Wednesday, stalling its two-day decline, as traders look forward to the mid-tier US economic data for fresh cues on the US Federal Reserve (Fed) interest rates outlook.
Gold price remains defensive but holds $2,300 early Wednesday. US Dollar decline offers comfort to Gold price amid ebbing Middle East tensions. Gold price downside appears limited so long as the 21-day SMA holds, as the RSI stays bullish. Gold priceis nursing losses while holding above $2,300 early Wednesday, stalling its two-day decline, as traders look forward to the mid-tier US economic data for fresh cues on the US Fed eral Reserve interest rates outlook.
Meanwhile, the total easing expected this year would just be 40 basis points , a sea change from about 150 basis points of cuts priced in at the beginning of the year, per Reuters. Gold price technical analysis: Daily chart As observed on the daily chart, Gold price is flirting with the key 21-day Simple Moving Average at $2,318, having managed to closeTuesday above it. The 14-day Relative Strength Index , a leading indicator, has turned flat while above the midline, near 56.50.
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