Gold price is duplicating the move seen in Wednesday’s Asian trading, as it edges lower below $2,200 early Wednesday.
Gold price edges lower, snaps a three-day uptick, as mid-tier US data awaited. US Dollar and US Treasury yields firm up, despite a mixed market sentiment. Gold price eyes acceptance above $2,200 and Friday’s US Core PCE inflation. Gold priceis duplicating the move seen in Wednesday’s Asian trading, as it edges lower below $2,200 early Wednesday.
Acceptance above that level will put the record high at $2,223 at risk. The 14-day Relative Strength Index , is flirting with the overbought threshold, suggesting that there is enough room for the upside. On the flip side, any retracement will likely find immediate support at the March 22 low of $2,157, where the bullish 21-day Simple Moving Average aligns. Further down, the $2,147 support will be a tough nut to crack for Gold sellers.
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