Gold price extends pullback from the lifetime high of $2,450 set on Monday, as the US Dollar (USD) draws haven demand amid broad risk aversion.
Gold price retreats further from the new all-time-high of $2,450 set on Monday. The US Dollar extends rebound with US Treasury bond yields, as risk sentiment sours. Downside appears limited for Gold , as RSI stays bullish on the daily chart. The focus shifts to more Fed speak for policy cues and the next Gold price move. Gold priceextends pullback from the lifetime high of $2,450 set on Monday, as the US Dollar draws haven demand amid broad risk aversion.
Gold price technical analysis: Daily chart As observed on the daily chart, the 14-day Relative Strength Index has turned south but holds above the midline to currently hover near 62.60, suggesting that the downside appears limited for Gold price. Gold buyers must find acceptance above the record high of $2,441 if the $2,450 psychological level needs to be taken out. A sustained move above the latter could open doors for a fresh rally toward $2,500.
XAUUSD Commodities Fed Riskaversion
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