From a short-term technical perspective, Gold price is likely to remain confined between the horizontal 21- and 50-Daily Moving Averages (DMA) at $1,916 and $1,932 respectively in the lead-up to the US CPI showdown.
The 14-day Relative Strength Index (RSI) is inching higher but remains just beneath the midline, having breached the latter last Friday.
Therefore, risks appears titled to the downside for Gold price. But Gold sellers need to crack the 21 DMA support at $1,916 on a daily closing basis.
A sustained drop below that level will challenge the $1,900 threshold, below which a sell-off toward $1,885 will be inevitable.
On the flip side, the immediate resistance is seen at the 50 DMA of $1,932, above which the 100 DMA hurdle at $1,950 will be put to test.
Gold buy 1928
Buy limit 1920
Target 1950
The 14-day Relative Strength Index (RSI) is inching higher but remains just beneath the midline, having breached the latter last Friday.
Therefore, risks appears titled to the downside for Gold price. But Gold sellers need to crack the 21 DMA support at $1,916 on a daily closing basis.
A sustained drop below that level will challenge the $1,900 threshold, below which a sell-off toward $1,885 will be inevitable.
On the flip side, the immediate resistance is seen at the 50 DMA of $1,932, above which the 100 DMA hurdle at $1,950 will be put to test.
Gold buy 1928
Buy limit 1920
Target 1950
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1950 is targeted