Gold price is languishing near four-week lows of $2,286 in Asian trades on Monday, looking to attempt a tepid rebound.
Gold price consolidates the downside near $2,290 early Monday. The US Dollar holds firm alongside Treasury bond yields, following strong US Nonfarm Payrolls data. Gold price downside appears more compelling amid a bearish daily RSI. Any rebound could be temporary. Gold priceis languishing near four-week lows of $2,286 in Asian trades on Monday, looking to attempt a tepid rebound.
In doing so, Gold price cracked below the key short-term daily Simple Moving Averages to trade below the $2,300 mark. At the moment, the 14-day Relative Strength Index has stalled its descent but remains below the 50 level, near 43, keeping the door ajar for further downside. The immediate demand area is seen at the May 3 low of $2,277. A sustained break of the latter could trigger a fresh sell-off toward the 100-day SMA at $2,214.
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