Gold price is extending the previous day’s corrective decline into Tuesday’s Asian trading, having hit the lowest level in 12 days at $2,296.
Gold price sees a fresh leg down in Asia on Tuesday even as risk flows dissipate. Receding fears over Middle East escalation offset subdued US Dollar and Treasury bond yields. Gold price remains heavily oversold on the 4H chart, rebound appears in the offing. Gold priceis extending the previous day’s corrective decline into Tuesday’s Asian trading, having hit the lowest level in 12 days at $2,296.
50, suggesting that a rebound remains on the cards in the near term. If Gold price attempts a tepid bounce, the initial hurdle would be seen at around the $2,320 round level, above which the 100-SMA support-turned-resistance at $2,334 will be tested. A sustained move above the latter is critical to unleashing further recovery toward the 21-SMA and 50-SMA confluence points near $2,365. The rebound in Gold price could remain limited, as a 21-SMA and 50-SMA Bear Cross remains in play.
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