Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Federal Reserve (Fed) interest rate decision due on Wednesday.
Gold price drops but downside appears limited ahead of US jobs data, Fed decision. US Dollar rebounds in sync with USD/JPY amid sluggish US Treasury bond yields. Gold price teases downside break of the key daily trendline support at $2,330. Gold priceis looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Fed eral Reserve interest rate decision due on Wednesday.
If Gold sellers manage to find a strong foothold below the latter on a daily closing basis, a fresh downtrend could be initiated toward the 50-day SMA at $2,212. Ahead of that, the previous week’s low of $2,291 and the psychological $2,250 level could lend support to buyers. The 14-day Relative Strength Index looks down but holds above the midline, suggesting that the bearish potential in Gold price could be limited.
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