#Gold price is seeing a minor correction early Wednesday, having hit a fresh record high of $2,749 in the #US last session. The sustained strength in the #US Dollar and the #US Treasury bond yields weigh on the #Gold price.
It looks to test the $2,730 round level on its retracement from the record high of $2,749.
A sustained move below the latter could threaten the previous dayโs low of $2,719.
The last line of defense for #Gold buyers is seen at the $2,700 threshold.
The 14-day Relative Strength Index (RSI) has turned south, easing from the extreme overbought conditions, currently trade near 72.00. The leading indicator backs the latest downside in
#Gold price but keeps buyers hopeful.
In case of a rebound, #Gold price needs to take out the lifetime high at $2,749 to ensure a fresh advance toward the $2,800 psychoogical mark.
Ahead of that the rising trendline resistance at $2,756 could act as a stiff resistance.
That said, any further decline in #Gold price could find some support, as day 2 of the #BRICS Summit kicks off.
#Gold traders will also focus on the mid-tier #US housing data and #Fedspeak for fresh trading impetus.
It looks to test the $2,730 round level on its retracement from the record high of $2,749.
A sustained move below the latter could threaten the previous dayโs low of $2,719.
The last line of defense for #Gold buyers is seen at the $2,700 threshold.
The 14-day Relative Strength Index (RSI) has turned south, easing from the extreme overbought conditions, currently trade near 72.00. The leading indicator backs the latest downside in
#Gold price but keeps buyers hopeful.
In case of a rebound, #Gold price needs to take out the lifetime high at $2,749 to ensure a fresh advance toward the $2,800 psychoogical mark.
Ahead of that the rising trendline resistance at $2,756 could act as a stiff resistance.
That said, any further decline in #Gold price could find some support, as day 2 of the #BRICS Summit kicks off.
#Gold traders will also focus on the mid-tier #US housing data and #Fedspeak for fresh trading impetus.
